SCHEDULE 1COMPANIES ACT INDIVIDUAL ACCOUNTS: COMPANIES WHICH ARE NOT BANKING OR INSURANCE COMPANIES
PART 2ACCOUNTING PRINCIPLES AND RULES
SECTION BHISTORICAL COST ACCOUNTING RULES
Fixed assets
General rules17
1
The amount to be included in respect of any fixed asset must be its purchase price or production cost.
2
This is subject to any provision for depreciation or diminution in value made in accordance with paragraphs 18 to 20.