audit considerations for valuation of paintings and antiques
This query is : Resolved
09 January 2010
If a company has purchased any sort of paintings and antiques years ago. What are audit considerations or check list to verify or check valuation of that paintings and antiques while conducting audit ? Is it possible to rely on any sort of valuation report of the same for audit purpose as generally valuation of such things are not possible ?
09 January 2010
Please write about the activities of the company. Whether the company is dealing with such painting ?
From your question; it seems that the same has been retained as investment.
Since there is no diminition in the value; so there is no question of impairment of assets.
Even if some valuation report of an expert is there who is engaged in such type of paintings etc. then you can reply upon the valuation.
From your question; it seems that the same has been retained as investment.
Since there is no diminition in the value; so there is no question of impairment of assets.
Even if some valuation report of an expert is there who is engaged in such type of paintings etc. then you can reply upon the valuation.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Section 54F - Exemption on LTCG in 2026 for HP purchased in 2023
- STCG....................................................
- TAN for Partnership
- Treatment of Pension ?annuity returns on PMVY
- Sales return eway bill
- AMOUNT RECEIVED UNDER COMPULOSRY ACQUISITION OF AGRICULTURAL LAND
- Long Term Service award taxability in hands of company
- Free lancer income
- LTCG for Assmt year 26-27
- REGARDING GST LIABILITY/....
- Gst invoice numbering and delivery challan numbering
- Standard Deduction claim for EPFO Pension and ICICI Prudential Life Annuity
- Small dealers gst returns filing
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
