The Book-keepers Forum (BKF)
The Book-keepers Forum (UK) -> General Book-keeping & Accounting -> Charity Donated Assets
Post Info TOPIC: Charity Donated Assets
Allen1981


Newbie

Status: Offline
Posts: 4
Date:
Charity Donated Assets
Permalink Closed

Hi, I'm a recently qualified member of the IAB. I've taken on a newly setup charity (with limited company status) as a client who's been donated several tangible fixed assets (capital machinery).

According to pp21 paragraph 130 of the Charity Accounting SORP, for the initial carrying amount for the donated tangible assets:

"...the current value will usually be the price that it estimates it would have to pay in the open market for an
equivalent item."

My question is: How should I go about making this estimate? Is it suffecient to perhaps ask the donor how much he would've expected to get for the asset should he have sold them? Or I do I need to get some kind of independent valuation?

Thanks very much in advance for any responses!

Henrik



__________________
Spamkebab


Expert

Status: Offline
Posts: 1536
Date:
Permalink Closed

Look on Ebay, ask the donor, Machine Mart, whatever gets you your answer.

The internet is your friend with this one.

Neil.

__________________
Spamkebab


Expert

Status: Offline
Posts: 1536
Date:
Permalink Closed

Oh and Hello Allen

Neil.

__________________
Allen1981


Newbie

Status: Offline
Posts: 4
Date:
Permalink Closed

Thanks very much, I'll try that :)

And hi! I should probably do a proper introduction at some point...



__________________
Page 1 of 1  sorted by
Quick Reply

Please log in to post quick replies.
The Book-keepers Forum (UK) -> General Book-keeping & Accounting -> Charity Donated Assets
Tweet this page Post to Digg Post to Del.icio.us
Members Login
Username 
 
Password 
    Remember Me  
©2007-2024 The Book-keepers Forum (BKF). All Rights Reserved. The Book-keepers Forum (BKF) is a trading division of Bookcert Ltd. Registered in England Company Number 05782923. 2 Laurel House, 1 Station Rd, Worle, Weston-super-Mare, North Somerset, BS22 6AR, United Kingdom. The Book-keepers Forum and BKF are trademarks of Bookcert Ltd. This forum is a discussion forum only. There will usually be more than one opinion to any question and any posting should not be viewed as a definitive solution. No responsibility for loss occasioned to any person acting or refraining from action as a result of any posting on this site is accepted by the contributors or The Book-keepers Forum. In all cases, appropriate professional advice should be sought before making a decision. We reserve the right to remove any postings which are offensive, libellous, self-promoting or engaged in covert marketing. We will not notify users of removals. The views expressed in the forum posts are those of the individual and do not necessary reflect or agree with those of The Book-keepers Forum. Any offensive or unsuitable posts will be removed by the moderators. Any reader of this forum can request for a post to be looked into by sending an email to: bookcertltd@gmail.com.

Privacy & Cookie Policy  About