CERTYNEX IFRS ACADEMY

The architecture firm Ventadour designs the extension of an art gallery and receives in exchange a unique work of art whose fair value cannot be reasonably estimated. How does it measure the consideration received?

It recognises no revenue, since it cannot reliably measure the work of art received.

By reference to the stand-alone selling price of its services.

At the cost of the hours spent by its architects on the project, with no margin.

At the insurance value declared by the gallery for the work, even though it is not a fair value.