General rules
(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 13, 28, 31A, 31C or 31D.
(a) Assets included in items D and E in Parts I and 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.
9. In the case of any fixed asset which has a limited useful economic life, the amount of -
(a) the cost, or
(b) where it is estimated that any such asset will have a residual value at the end of the period of its useful economic life, its cost less that estimated residual value,
shall be reduced by provisions for depreciation calculated to write off
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