[BCMA] Accounting Question

[Moderated BCMA subscriber listserv.]

Hi friends . 

I am wondering if anyone else has been told by their accounting firms that
as of 2019 Museums and Galleries now have to account for the value of their
permanent collections when doing their yearend? 

We were told we have three options:

1) get the whole collection appraised 
2) include the value of all the tax receipts given and purchases made 
3) provide a nominal value per item and multiply the entire value by the
number of items in the collection. 

I am wondering if anyone else has heard of this change and if so what are
the thoughts of the community as we have never accounted for the value of
our permanent collection on our books previously.

Thank you for your time and input.

I look forward to your reply.



Paul F. Crawford

Director/Curator

Penticton Art Gallery

199 Marina Way

Penticton, B.C. 

V2A 1H5 Canada 

Phone:  <tel:%28250%29%20493-2928> (250) 493-2928
Email: curator at pentictonartgallery.com 

Web:  <http://www.pentictonartgallery.com/> www.pentictonartgallery.com 

On the unceded territory of the Syilx (Okanagan) Peoples.

 

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