ABSTRACT
This chapter examines the development of the financial instruments (land audits, property reviews, information systems, registers and approaches to valuation) required to replace 'expenditure-driven finance' with a new system of capital accounting. The examination draws upon the fmdings of a research project undertaken to survey the initiatives that have taken to develop the asset registers and property valuation procedures for such purposes. The examination goes some way to highlight the critical role property valuation plays in introducing a system of capital accounting which transforms the financing of expenditure and subjects the management of property to VFM and the 3Es.
