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Wilson Centre, an NFPO, owns a collection of works of art estimated to be worth about $85,000. These were donated to the center many years ago and have not been reflected in past financial statements. However, this year, the center’s new auditors wish to include them. If the CPA Canada Handbook’s minimum requirements for collections are followed, how should the works of art be accounted for? - Capitalization at fair value. - They should not be reported at all. - Amortization over a maximum of 40 years. - Disclosure of a description of the collection.
Sagot :
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