Historical cost accounting rules
Preliminary
22. Subject to Sections C and D, the amounts to be included in respect of all items shown in an undertaking’s financial statements shall be determined in accordance with the rules set out in paragraphs 23 to 35.
Fixed assets
General rules
(1) Subject to any provision for depreciation or diminution in value made in accordance with paragraph 24 or 25 the amount to be included in respect of any fixed asset shall be its cost.
(2) Where investments are shown as provided in subparagraph (1), their current value shall be disclosed on the balance sheet or in the notes to the financial statements.
Rules for depreciation and diminution in value
24. In the case of any asset included under Assets item B (intangible assets), C.I (investments: land and buildings) or F.I (tangible assets and stocks) in the balance sheet format (set out in Section B of Part II of this Schedule) which has a limited useful economic life, the amount of
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