Are works of art such as paintings, the value of which appreciate or increase through time, be classified as semi-expendable property?

There is no separate guideline on the accounting for works of art.

Paintings are classified under Property, Plant and Equipment (at cost per adopted policy) under COA Circular No. 2015-010. Their costs, being below P50,000 and issued to employees for accountability, are now semi-expendable properties in consonance with COA guidelines.

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