CHANGES to financial reporting regulations will give businesses an opportunity to increase the value of their assets according to a NorthYorkshire chartered surveyor.

Sanderson Weatherall, which has an office in Easingwold, is hailing the changes in accounting practices to the new Financial Reporting Standard (FRS) 102, due to come into effect on January 1 next year, as a "one-off" opportunity for businesses in the region.

The change over will give firms the chance to elect to use the principle of ‘fair value’ to revise the balance sheet value of their property, plant and equipment assets.

Sanderson Weatherall partner, Roy Tubman, said: "When companies transition to FRS 102, there is a one-off opportunity for them to revalue their assets at fair value.

"Essentially, this allows businesses to effectively rebuild their asset registers, particularly where machinery has been written down to zero but is still a valuable part of the company’s assets."

After transition to the new standard, FRS 102 only requires valuations to be performed with “sufficient regularity” giving further motivation to businesses to undertake valuations sooner rather than later.

Mr Tubman added: "These changes represent an excellent opportunity for York businesses to boost the value of their balance sheets through the application of fair values.

"We have already undertaken fair value valuations for a number of companies in the region and on each occasion it has delivered a significant uplift in asset values."

Sanderson Weatherall has regional offices in Newcastle, Teesside, Darlington, Leeds, Bristol, Exeter and London, employs around 200 people and has a turnover of £14 million.