BIM55415 - Farming: stock valuation: changes in basis of valuation: BEN 19

Business Economics Note 19 (see BIM55401 and BIM55410) superseded all previous agreements made between the Department and the National Farmers' Union. At the time of its publication the Department made it clear that certain practices were unacceptable or, if they had previously been acceptable, were no longer acceptable. These included -

• valuations on the basis of full rights and liabilities as at waygoing
• other valuations including reserves for dilapidations
• the omission of a detailed valuation of tillages and growing crops
• the immediate writing down of production animals to cull value.

Changes in the basis of valuation should be dealt with in accordance with BIM33199 onwards.