Museums and religious organizations reporting in accordance with FASB must capitalize and report assets such as works of art, historical treasures, and similar collectible items if they are held for public inspection.

Question

Quizplus · Accepted Answer

Museums and religious organizations are not required to capitalize or report works of art, historical treasures, and similar assets if these items are protected, kept unencumbered, cared for, and preserved, and if the organization has a policy that requires the proceeds from sales of collection items to be used to acquire other items for collections.

Museums and Religious Organizations Reporting in Accordance with FASB Must