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Paragraph 8 General rules

Original text. Later amendments are not shown.

(1)

Subject to any provision for depreciation or diminution in value made in accordance with paragraph 9 or 10, the amount to be included in respect of any fixed asset shall be its cost unless it is valued in accordance with paragraph 28. (2)

(a)

Assets included in items 5 and 6 in Part I and in items 6 and 7 in Part II of Schedule 2 shall be valued as fixed assets.

(b)

Other assets falling to be included in the balance sheet shall be valued as fixed assets where they are intended for use on a continuing basis in the normal course of the activities of the society or of the society and its subsidiary undertakings.