Fixed Asset on Artwork

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Hi all,

Can anyone help with how I account for artwork, what % do I depreciate at?

Thanks

Monsoon

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!

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No it was bought as an investment, does this help?

Thanks
Vicky

Monsoon

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!

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Thanks for your help!