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
  • David Tomback

Project Stages

Board Papers
CAG Papers
Board Deliberations




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.


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.


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