Artworks and artefacts are capitalised upon acquisition regardless of their cost and they also have to be listed in the Asset Management System (AMS).
Donated artworks should be accompanied by an independent valuation, if available, to assist with their accounting in the general ledger and AMS. If an independent valuation is not available, these items are accounted for in the general ledger (and in the AMS) at $1.00.
Artworks and artefacts do not depreciate over time (it is likely that over time they will appreciate).
Artworks are revalued every three years.
Artworks’ stocktake is under undertaken every two years, under the direction of F&BS.
Rare library collection basics
Books are expensed upon acquisition.
Certain books are subsequently re-categorised as “rare library materials” and capitalised after an independent valuation has been performed. The capitalisation threshold does not apply to these items.
The Rare Library Collection is not subject to depreciation.
The Scholarly Information Services (SIS) maintains the catalogue of rare library materials.
If other business areas or colleges come into possession of rare library materials they should contact Finance & Business Services at email@example.com.