The accounting for heritage assets in Australia is specified by AASB 116 Property, Plant and Equipment. Internationally, practices for the financial reporting of heritage items vary, including whether or not certain heritage items are recognised as assets.
The International Public Sector Accounting Standards Board (IPSASB) is considering the need to develop additional guidance on financial reporting for heritage to improve comparability between jurisdictions in this regard, and has issued the Consultation Paper Financial Reporting for Heritage in the Public Sector setting out its preliminary views on the accounting for heritage items.
To view the Paper click here.