My company is an investment holding company and recently purchased gold bar for long term investment. How should the investment in gold bar be recognised and measured?
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The problem with this asset is that it doesn't fit into any of those assets like 'property & plant, investment property, stocks, cash & equivalents, financial assets etc etc'. So I would put them under 'other investments' under B(III)(5) - format 1, initially recognised at cost and then marked to market values.
However, better to have other members' views as well.