Asset and Insurance Reinstatement Valuations plus associated work

Herefordshire Council requires formal asset valuations for part of its property portfolio for inclusion in the Council's asset register and balance sheet by the end of this financial year. This needs to be undertaken in accordance with guidance produced by the RICS (Royal Institution of Chartered Surveyors) and the International Financial Reporting Standards (IFRS) - Code of Practice on Local Authority Accounting (the Code) published by CIPFA (Chartered Institute of Public Finance and Accountancy). Valuations are required for all investment assets, assets held for sale, surplus assets, assets changing asset class, assets substantially improved or impaired in addition to those timetabled as part of a 5 year rolling programme. A "market forces review" on a regional sector basis is required as a validation check to provide assurance that there has been no significant change in the value for those assets that have not been revalued this year. In addition a review is required of those assets included on the list to be valued this year to verify whether there has been a significant chance in value between the valuation date