Heritage assets in the due process of the IPSAS Board

This paper assesses whether the IPSASB’s consultation paper (CP), ‘Financial Reporting for Heritage in the Public Sector’ might actually end academic debates about how to report on heritage assets. Similarities and differences in the position of the IPSASB, previous academic literature and the CP’s respondents are examined by the authors. IPSASB proposed that heritage be recognized and measured in financial statements, whereas the academic literature has supported reporting largely through disclosure notes. Most respondents agreed with the IPSASB, but raised the same difficulties as discussed in the academic literature. The respondents were mainly public sector entities and professional associations, mostly from Europe, Oceania and Africa. Though the CP asks the right questions, it does not provide the needed guidance which indicates it will not be able to end the ongoing debate.

Anschi De Wolf, Johan Christiaens and Natalia Aversano.
Public Money & Management, published online

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