Fixed Asset on Artwork

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spurschic1@yahoo.com
spurschic1@yahoo.com Registered Posts: 94 Regular contributor ⭐
in General accounting discussion
Hi all,

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

Thanks

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  • Monsoon
    Monsoon Registered Posts: 4,071 Beyond epic contributor 🧙‍♂️
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    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!
  • spurschic1@yahoo.com
    spurschic1@yahoo.com Registered Posts: 94 Regular contributor ⭐
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    No it was bought as an investment, does this help?

    Thanks
    Vicky
  • Monsoon
    Monsoon Registered Posts: 4,071 Beyond epic contributor 🧙‍♂️
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    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!
  • spurschic1@yahoo.com
    spurschic1@yahoo.com Registered Posts: 94 Regular contributor ⭐
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    Thanks for your help!

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