Financial Reporting for Heritage in the Public Sector

Consultation Paper

IPSASB

Apr 11, 2017 | Exposure Drafts and Consultation Papers

English

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Comments due by: Sep 30, 2017

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.

Copyright © 2024 The International Federation of Accountants (IFAC). All rights reserved.

Submitted Comment Letters

Korea Institute of Public Finance (139.05 KB)
(Korea)

Jun 23, 2017
CNoCP (193.74 KB)
(France)

Jul 19, 2017
THE INSTITUTE OF CHARTERED ACCOUNTANTS (GHANA) (1.62 MB)
(Ghana)

Aug 9, 2017
French Directorate of Public Finances (DGFiP) (198.77 KB)
(France)

Aug 10, 2017
Chartered Accountants Australia and New Zealand (CA ANZ) (354.12 KB)
(New Zealand)

Aug 30, 2017
The Institute of Certified Public Accountants in Ireland (602.13 KB)
(Ireland)

Sep 6, 2017
CPA Australia (270.78 KB)
(Australia)

Sep 12, 2017
Jean Raar (122.26 KB)
()

Sep 12, 2017
Cour des comptes (3 MB)
(France)

Sep 14, 2017
International Consortium on Government Financial Management (ICGFM) (130.07 KB)
()

Sep 21, 2017
Ricky Perry (396.19 KB)
(United States of America)

Sep 22, 2017
FOCAL (193.85 KB)
(Panama)

Sep 25, 2017
Swiss Public Sector Financial Reporting Advisory Comittee (88.92 KB)
(Switzerland)

Sep 26, 2017
Task force IRSPM A&A SIG, CIGAR Network, EGPA PSG XII (149.4 KB)
()

Sep 26, 2017
Showalter, D. Scott (209.22 KB)
(United States of America)

Sep 26, 2017
Treasury Board of Canada Secretariat (316.19 KB)
(Canada)

Sep 27, 2017
World Bank (IBRD and IDA) (188.29 KB)
()

Sep 28, 2017
Council of Australasian Museum Directors (CAMD) (3.2 MB)
(Australia)

Sep 29, 2017
Amafa AkwaZulu Natali (134.38 KB)
(South Africa)

Oct 2, 2017
Institut der Wirtschaftspruefer in Deutschland e.V. (IDW) (96.41 KB)
(Germany)

Oct 2, 2017
Australasian Council of Auditors-General (133.4 KB)
()

Oct 2, 2017
Institute and Chartered Accountant of India (343.03 KB)
(India)

Oct 3, 2017
The Japanese Institute of Certified Public Accountants (309.07 KB)
(Japan)

Oct 3, 2017
CIPFA (256.61 KB)
(United Kingdom)

Oct 4, 2017
PUBLIC SECTOR ACCOUNTING STANDARDS BOARD (336.69 KB)
(Kenya)

Oct 4, 2017
KPMG Services Proprietary Limited (2.79 MB)
()

Oct 5, 2017
Liquid Pacific (363.95 KB)
()

Oct 5, 2017
New Zealand Accounting Standards Board (888.03 KB)
(New Zealand)

Oct 5, 2017
Accounting Standards Board South Africa (334.37 KB)
(South Africa)

Oct 6, 2017
Agency for Modernisation Ministry of Finance (131.94 KB)
(Denmark)

Oct 6, 2017
Austrian Ministry of Finance (358.1 KB)
()

Oct 7, 2017
Stuart Barr (1.35 MB)
(Canada)

Oct 7, 2017
ICAEW (249.88 KB)
(United Kingdom)

Oct 8, 2017
PSAB (634.88 KB)
(Canada)

Oct 8, 2017
Accountancy Europe (1.67 MB)
()

Oct 9, 2017
Australasian Council of Auditors-General (229.93 KB)
()

Oct 10, 2017
Italian Ministry of Economy and Finance (362.04 KB)
()

Oct 11, 2017
Malaysian Institute of Accountants (MIA) (1.55 MB)
(Malaysia)

Oct 16, 2017
Association of National Accountants of Nigeria - ANAN (136.14 KB)
(Nigeria)

Oct 17, 2017
United Nations system Task Force on Accounting Standards (2.2 MB)
()

Oct 18, 2017
Heads of Treasuries Accounting and Reporting Advisory Committee (HoTARAC) (935.14 KB)
(Australia)

Nov 2, 2017