Common use of Asset Valuation Clause in Contracts

Asset Valuation. 7.2.1 To maintain an asset register for all fixed assets with a value in excess of the limits shown below, in a form approved by the Commissioner’s CFO. Assets are to be recorded when they are acquired. Assets shall remain on the asset register until disposal. Assets are to be valued in accordance with the Code of Practice on Local authority Accounting in the United Kingdom and the requirements specified by the Commissioner’s CFO5: 1 Section 2.2.12 2 Section 2.2.13 3 Section 2.2.14 4 Section 2.2.15 5 Section 3.5.6   Land & Buildings Vehicles £10,000 All values  ICT hardware £10,000  Plant & Equipment £10,000 7.2.2 To ensure that inventories are maintained in a format approved by the Commissioner’s CFO and Chief ▇▇▇▇▇▇▇▇▇’s CFO that record an adequate description of items with a value in excess of £10,000. Other items of equipment should also be recorded if they are deemed to be both desirable and portable (e.g. laptops)6.‌‌‌‌ 7.2.3 To write-off obsolete stock, subject to the limits set out below:  Up to £5,000 Chief Constable’s CFO  Up to £10,000 The Commissioner’s CFO  Over £10,000 The Commissioner