FRS 102/105 and Freehold Property

TreadStoneTreadStone Feels At HomeAAT Licensed Accountant Posts: 213
edited August 9 in AAT Licensed Members
Further to a previous post of mine relating to FRS 102/105, we're in the process of producing accounts (ye 31 March 2017) for a client with £375k freehold property figure on the BS.

The £375k is the cost from circa 2007 I believe. No depreciation has been applied.

This relates to the build of 15 industrial units which the company built and rents out. That's all the company does.

These accounts will be produced under FRS102, the same as all the other company clients.

Rightly or wrongly, the client has never had the units valued and is unlikely to pay for any professional valuation.

For those that do this often, what entries are necessary regarding the valuation ?

The more I read on the topic, the more it makes less sense......

Steve Collings, if you read this, your input would be welcome :)

Thanks.

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