Asset Valuation Brief

The purpose of the Brief is to inform potential Suppliers providing quotations or Quotes for the Services and to form the basis of a specification of work to be included within the Agreement. Councils are required to report the value of their land and building assets within their financial statements in line with the requirements of the International Financial Reporting Standards (IFRS), and the Chartered Institute of Public Finance and Accountancy's (CIPFA) Code of Practice on Local Authority Capital Accounting. Investment Assets are required to be revalued annually, although they need be inspected only every five years. Non-Investment Assets must be revalued at least once every five years. At the end of each Council Financial Year, the Council is required to assess whether there is any indication that its assets may be impaired (i.e. whether their carrying amount is higher than their recoverable amount). Accordingly, an Impairment Statement must be reported each year.