Valuation
The Valuation module has been designed to be compliant with the Chartered Institute of Public Finance and Accountancy (CIPFA) and International Financial Reporting Standards (IFRS).
The valuation module enables you to:
Perform reliable inventory checks
Ensure accurate and appropriate valuations are listed
Understand the value or replacement cost of an asset
The Chartered Institute of Public Finance and Accountancy (CIPFA) is the professional body for people in public finance and is the only professional accountancy body exclusively dedicated to public finance in the world.
International Financial Reporting Standards (IFRS) are designed as a common global language for business affairs so that company accounts are understandable and comparable across international boundaries. IFRS are progressively replacing the many different national accounting standards. They provide the rules to be followed by accountants to maintain books of accounts which is comparable, understandable, reliable and relevant as per the user's internal or external.
The Valuation Programme screen displays a full list of the valuations separated by financial year.
It can be accessed by navigating to Estates > Valuation > Valuation Programme.
The screen will display all of the relevant information for the valuations in the financial year selected.
Select a different financial year from the drop-down, if required.
Once all Valuations have been recorded for the Valuation Financial Year, it can be closed. This prevents any more valuations from being recorded for the specified Valuation Financial Year. When closing the Valuation Financial Year, the system will only close the financial year for valuations. The financial year for other areas of the application will remain unaffected.
All valuations must be authorised in order to close the Valuation Financial Year. If any are outstanding, the Valuation Financial Year cannot be closed.
To close the Valuation Financial Year:
Navigate to Estates > Valuation > Valuation Close Financial Year.
A window is displayed confirming the Valuation Financial Year to be closed. This is the oldest financial year that has not been closed.
Click OK.
A Windows notification is displayed on completion.
The Valuation Register Status of the relevant financial year is marked as 'Closed' in Financial Years Reference Data (accessed by navigating to Functions > Core > Reference Data > Core).
The Rolling Valuation Programme functionality allows you to plan the valuations that need to be completed per Financial Year, and see which of the required Valuations have been completed.
It can be accessed by navigating to Estates > Valuation > Rolling Valuation Programme.
This screen can be configured in Estates Options (accessed by navigating to Tools > System Options and then clicking Estates Options).
You can filter results by selecting from the following menu options:
Financial Year – this drop-down includes all financial years where the valuation financial year is open. For information on closing a financial year, refer to Valuation Close Financial Year.
Valuation Type – either insurance valuations or asset valuations can be viewed.
Include/Exclude Authorised – by default, authorised valuations are not displayed due to the screen being designed to view the Valuations that are required to be completed for the Financial Year. When selecting this option, the screen will also display the Authorised Valuations for the Financial Year where the criteria configured in the Estates Options are fulfilled.
Where insurance valuations are recorded as of the 1st of April for the relevant financial year, there is a requirement to increase the inflation cost of the buildings on a six-monthly basis to account for inflation increases between April and October. The Insurance Valuation Half Year Increase functionality provides the ability to apply this increase for all of the relevant insurance valuations, including authorised valuations, for the current financial year.
To apply the increase:
Navigate to Estates > Valuation > Insurance Valuation Half Year Increase.
The Half Year Increase - Select Valuation Type(s) window is displayed. This displays all items in the Valuation Type Reference Data that are marked as 'Insurance' and have a building selected.
Select the check box(es) of the relevant valuation type(s) and then click OK.
A notification is displayed in the Notification List once the increase has been generated.
The original valuation will remain in place and K2 will generate a new valuation based on the percentage increase that has been set in the Half-Year Standard Building Cost reference data. This can be viewed on the Summary screen of a valuation record. The valuation will also have a system-generated reference so it is easily identifiable.
Related Topics
Click the links below to navigate to the following related topics: