All other capital expenditure assets were disclosed at historic cost in our Fixed Asset Register (FAR) and depreciated in line with applicable International Financial Reporting Standards, audited and accepted by external auditors (Grant Thornton and Audit Scotland) between 2012 and 2020. Following a 2019 Office for National Statistics (ONS) review, in September 2019, Transport Scotland informed Scottish Canals that from 1st April 2020 the organisation would be reclassified as a non-departmental public body (NDPB) under the FreM.