Depreciation carbon dating
Abu Dhabi and Dubai are the only two emirates to have veto power over critical matters of national importance in the country's Federal Supreme Council.
For many Strata Corporations, they obtained their first report in 2012 and the three year anniversary is fast approaching.
If the date of the site visit is within 2 to 3 months of your AGM, you may need to approve a Depreciation Report Update before your AGM.
Talk to your Strata Manager for options if this is the case.
If the Strata Corporation plans for the site visits to be approximately 3 years apart, then the timing of the draft and final updates should follow approximately 3 years after the initial study.
If Strata Corporations need to include an allowance for a Depreciation Report Update in their annual budget for approval at their AGM, then most Strata Corporations will need to begin planning for the update more than a full calendar year before the 3-year anniversary of the final report.
Our clients have asked when they should start preparing for the update report – essentially when is 3 years up?