valuation of school building



My client is starting new school,is it mandatory to get building valued by architect or I can just mention current market value in balance sheet, please guide
 
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Practicing CA

Mam, you can show it in bs at actual price i.e. at cost of construction or cost of acquisition , no need to do valuation. But if school is in the nature of Society or trust you have to check for governing laws 

 
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thanks
 
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