Financial Reporting for Heritage in the Public Sector

Consultation Paper

Apr 11, 2017 | Exposure Drafts and Consultation Papers

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 © 2022 The International Federation of Accountants (IFAC). All rights reserved.

Submitted Comment Letters

1. Korea Institute of Public Finance  (Korea, Republic of)
June 23, 2017

2. CNoCP  (France)
July 19, 2017

August 9, 2017

4. French Directorate of Public Finances (DGFiP)  (France)
August 10, 2017

5. Chartered Accountants Australia and New Zealand (CA ANZ)  (New Zealand)
August 30, 2017

6. The Institute of Certified Public Accountants in Ireland  (Ireland)
September 6, 2017

7. CPA Australia  (Australia)
September 12, 2017

8. Jean Raar
September 12, 2017

9. Cour des comptes  (France)
September 14, 2017

10. International Consortium on Government Financial Management (ICGFM)
September 21, 2017

11. Ricky Perry  (United States)
September 22, 2017

12. FOCAL  (Panama)
September 25, 2017

13. Swiss Public Sector Financial Reporting Advisory Comittee  (Switzerland)
September 26, 2017

14. Task force IRSPM A&A SIG, CIGAR Network, EGPA PSG XII
September 26, 2017

15. Showalter, D. Scott  (United States)
September 26, 2017

16. Treasury Board of Canada Secretariat  (Canada)
September 27, 2017

17. World Bank (IBRD and IDA)
September 28, 2017

18. Council of Australasian Museum Directors (CAMD)  (Australia, New Zealand)
September 29, 2017

19. Amafa AkwaZulu Natali  (South Africa)
October 2, 2017

20. Institut der Wirtschaftspruefer in Deutschland e.V. (IDW)  (Germany)
October 2, 2017

21. Institute and Chartered Accountant of India  (India)
October 3, 2017

22. The Japanese Institute of Certified Public Accountants  (Japan)
October 3, 2017

23. CIPFA  (United Kingdom)
October 4, 2017

October 4, 2017

25. KPMG Services Proprietary Limited
October 5, 2017

26. Liquid Pacific
October 5, 2017

27. New Zealand Accounting Standards Board  (New Zealand)
October 5, 2017

28. Accounting Standards Board South Africa  (South Africa)
October 6, 2017

29. Agency for Modernisation Ministry of Finance  (Denmark)
October 6, 2017

30. Austrian Ministry of Finance
October 7, 2017

31. Stuart Barr  (Canada)
October 7, 2017

32. ICAEW  (United Kingdom)
October 8, 2017

33. PSAB  (Canada)
October 8, 2017

34. Accountancy Europe
October 9, 2017

35. Australasian Council of Auditors-General
October 10, 2017

36. Italian Ministry of Economy and Finance
October 11, 2017

37. Malaysian Institute of Accountants (MIA)  (Malaysia)
October 16, 2017

38. Association of National Accountants of Nigeria - ANAN  (Nigeria)
October 17, 2017

39. United Nations system Task Force on Accounting Standards
October 18, 2017

40. Heads of Treasuries Accounting and Reporting Advisory Committee (HoTARAC)  (Australia)
November 2, 2017


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