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On the basis of this concept closing stock is valued at cost price or market price, whichever is lower.
Traditionally, the valuation rules for company accounts stipulated that assets be valued at cost price, referred to as the historic value.
A stock check at the end of last year has revealed £45,000 of stock, valued at cost, that is considered obsolete.
For example, fixed assets are normally valued at cost, less provision for depreciation, and current assets at cost or net realisable value, whichever is the lower.
In 1986 a law was passed that required donations to be valued at cost rather than an invented 'appreciated' value for tax purposes - though only in cases where the deductions would reduce the donor's tax bill to zero.
