Heritage Assets

  • Heritage Assets

    Project Status

    Additional analysis being performed on selected issues to assist finalizing a formal project brief.


    John Stanford

    Task Force

    Subcommittee was established to oversee development and publication of initial consultation paper in February 2006 - Australia, France, New Zealand, South Africa and United Kingdom. There is currently no subcommittee.

    Objective(s) of project

    Developing accounting and disclosure requirements for heritage assets.


    To be determined.


    IPSAS 17, Property, Plant and Equipment was approved in November 2001. IPSAS 17 neither defines heritage assets nor requires recognition of heritage assets. It does include some characteristics of such assets. If heritage assets are recognized by a public sector entity, the IPSAS requires applying its disclosure requirements and allows but does not require applying its measurement requirements.


    Issues the project intends to consider include (but not necessarily limited to):


    • Approach - separate standard or amending IPSAS 17;
    • Defining "heritage assets;"
    • Recognition and measurement:

      • Follow the requirements in IPSAS 17;
      • Non-recognition of existing heritage items, but recognition of items meeting heritage asset definition going forward; and
      • Non-recognition entirely and expensing new acquisitions.
    • Appropriate measurement bases: if they are recognized and measured;
    • Valuation approaches;
    • Depreciation/Impairment;
    • Additional disclosures for heritage assets;
    • Redesignation of heritage assets as operational property, plant and equipment, and vice-versa; and
    • Others, e.g., heritage assets transferred, held in trust and owned but not operated by the state.

    Task Force progress / Board discussions to date

    Board discussions to date



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