Asset Registers: FAQ's
Why should you pay to have an asset register drawn up, when you could prepare a list yourself for no charge?
It is important that accurate records are kept, with values established at the time of preparation of the report. A Leary & Partners asset register will show precisely what is owned and the current value of each item. Only an independent professional can be seen to provide this information accurately and in an unbiased manner.
What items should be included in an asset register?
In short, all items other than stock in trade should be included. Contents are accounted for on a room by room basis.
Can values from an asset register be used in a depreciation schedule?
No, they cannot. The commencing value for the purposes of depreciation should generally be the original cost of the item. The value of each asset register is the value at the time an inspection took place.
Can asset register values be used for the purposes of replacement insurance?
Once again, they cannot. The values used in an asset register are the values at the time of drawing up the register. The replacement value of the particular item is generally considerably higher. It is, however, very cost effective to have a contents replacement insurance valuation drawn up at the same time as you commission an asset register.
Replacement Valuation Reports
