Art Work

All topics related to IFRS Standards.
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xkyriakou
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Joined: 02 Apr 2021, 10:29

Art Work

Post by xkyriakou »

Does anyone knows how to recognize high value paintings in the financial statements? Is there a standard applicable to that?
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Marek Muc
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Re: Art Work

Post by Marek Muc »

they are physical items like any other, so the business purpose is important here, why do you buy them?
xkyriakou
Posts: 3
Joined: 02 Apr 2021, 10:29

Re: Art Work

Post by xkyriakou »

The purpose is for long - term investment.
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Marek Muc
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Re: Art Work

Post by Marek Muc »

then it is not covered by IFRS, you should develop your own accounting policy as described here:

https://ifrscommunity.com/knowledge-bas ... ed-by-ifrs

I would develop identical policy as under IAS 40 for investment property:

https://ifrscommunity.com/knowledge-bas ... -property/
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