Fixed Asset on Artwork
spurschic1@yahoo.com
Registered Posts: 94 Regular contributor ⭐
Hi all,
Can anyone help with how I account for artwork, what % do I depreciate at?
Thanks
Can anyone help with how I account for artwork, what % do I depreciate at?
Thanks
0
Comments
-
More info needed.
Is this a company asset that's been bought and hangs in the office, for example?
If so, it's an asset on the balance sheet (if it costs more than, say £300 - anything less than that I would expense).
Depreciate it at a rate appropriate to its estimated useful life. If it's not going to depreciate, then don't apply depreciation!0 -
No it was bought as an investment, does this help?
Thanks
Vicky0 -
Investment is still an asset on the BS.
Annual revaluation exercise might need carrying out, as opposed to depn - I'd expect it wouldn't depreciate and hopefully apprciate in value!0 -
Thanks for your help!0
Categories
- All Categories
- 1.2K Books to buy and sell
- 2.3K General discussion
- 12.5K For AAT students
- 319 NEW! Qualifications 2022
- 157 General Qualifications 2022 discussion
- 11 AAT Level 2 Certificate in Accounting
- 56 AAT Level 3 Diploma in Accounting
- 92 AAT Level 4 Diploma in Professional Accounting
- 8.8K For accounting professionals
- 23 coronavirus (Covid-19)
- 272 VAT
- 92 Software
- 274 Tax
- 136 Bookkeeping
- 7.2K General accounting discussion
- 201 AAT member discussion
- 3.8K For everyone
- 38 AAT news and announcements
- 345 Feedback for AAT
- 2.8K Chat and off-topic discussion
- 582 Job postings
- 16 Who can benefit from AAT?
- 36 Where can AAT take me?
- 42 Getting started with AAT
- 26 Finding an AAT training provider
- 48 Distance learning and other ways to study AAT
- 25 Apprenticeships
- 66 AAT membership