Exposure Drafts and Consultation Papers
Published: Apr 11, 2017
Comments due by:
Sep 30, 2017
Financial Reporting for Heritage in the Public Sector
This Consultation Paper proposes that:
- heritage items’ special characteristics do not prevent them from being assets for the purposes of financial reporting;
- heritage items should be recognized in the statement of financial position if they meet the recognition criteria in the Conceptual Framework; and
- in many cases, it will be possible to assign a monetary value to heritage assets.
It also discusses:
- initial and subsequent measurement of heritage assets;
- whether heritage preservation responsibilities could involve present obligations for entities, which should be recognized as liabilities in the financial statements; and
- presentation of information for heritage in general purpose financial reports.
Heritage items are those items that are intended to be held indefinitely and preserved for the benefit of present and future generations because of their rarity and/or significance.
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