We are unlisted Public Ltd Company in cofee estate manufacture, process unit. Family owned business invests in Jewelleryt & precious stones. How to make valuation and show in balance sheet. Auditors simply go by cost basis
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Jewellery and precious stones as assets and its valuation
Replies (2)
Make valuation from registered valuer.
1. Engage an independent valuer or appraiser who specializes in jewellery and precious stones.
2. Use the fair value method (market value) or historical cost method (cost basis).
3. Consider factors like market demand, rarity, and condition. Balance Sheet Disclosure:
1. Show the investment at fair value or historical cost in the balance sheet.
2. Disclose the valuation method and significant assumptions.
1. Provide the valuation report and supporting documents to your auditors.
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