The project’s objective is to develop accounting requirements for heritage assets. A consultation paper (CP) will be developed. That is expected to lead to an exposure draft (ED) of proposed revisions to IPSAS 17, Property, Plant and Equipment (or other IPSASs). A Recommended Practice Guideline may also result.



  • Bernhard Schatz (Chair)
  • Clark Anstis
  • Amanda Botha
  • Michel Camoin
  • Williard Kalulu
  • Fabrizio Mocavini
  • Dominic Savini
  • Alex Wheldon

Project Stages

Board Papers
CAG Papers
Board Deliberations
Board Minutes

March 2020:

The IPSASB considered whether heritage items are resources and controlled for financial reporting purposes. The IPSASB decided that tangible heritage items are assets when they meet the definition of property, plant and equipment and concluded they should be depreciated and tested for impairment, except under certain specific circumstances. 

Revised guidance related to these issues will be developed for the IPSASB’s consideration at its June meeting.

June 2020:

The IPSASB agreed “irreplaceable,” “restrictions,” and “long and sometimes unspecified useful lives” should be included as characteristics of Heritage Assets in IPSAS 17. These characteristics distinguish Heritage Assets from other property, plant, and equipment and present complexities in the application and implementation of existing principles in the Standard. 

The IPSASB also approved the removal of the heritage assets scope exclusion from IPSAS 17.

September 2020:

The IPSASB completed its review of issues identified by constituents when accounting for heritage and infrastructure assets. The IPSASB agreed the proposed authoritative guidance, implementation guidance and illustrative examples would support constituents in applying the Property, Plant and Equipment principles to infrastructure and heritage items in practice. 

The IPSASB will consider the proposed guidance in its entirety at its December 2020 meeting as part of its review of ED 78

December 2020:

The IPSASB considered all of the proposed heritage guidance as part of its review of ED 78, Property, Plant, and Equipment. The IPSASB gave preliminary approval to the proposed guidance.


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