Section 67 in The Andhra Pradesh Municipalities (Preparation of Accounts) Rules, 2017
67. Revaluation of fixed assets.
(1)The Council may carry out a revaluation of its assets, with prior permission of Government in any of the following cases:(a)When commercial development of the fixed assets are taken up after the land use and architectural control have been approved by competent authority;(b)At the time of lease;(c)At the time of issue of municipal bonds.(2)Any increase in value of fixed assets due to revaluation shall be recorded in a 'Revaluation Reserve' Account.(3)Revaluation Reserve shall be adjusted/reduced by an amount equivalent to the depreciation charge on the revalued portion of the fixed asset.Chapter - XVI Procedure for Accounting Advances and Other Assets
