§ Mr. Ingram
As mandated by HM Treasury and in accordance with Government Accounting regulations, the Ministry of Defence applies the Modified Historic Cost Accounting convention to asset valuations. This requires assets to be valued at their actual or estimated current value to the Department. A mixture of regular professional valuations and the application of appropriate indices between formal valuations are used to meet the requirement. During 2002–03, some 95.4 per cent. of the eligible asset base was professionally revalued as reported in the Annual Report and Accounts published on 30 October.