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
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