This guidance enables governing bodies to ensure that they are meeting the Accreditation Standard and the relevant financial regulations or standards. It provides all the information a charity will need to produce its annual report and accounts.
‘Your museum should provide accounts for the last two available financial planning years showing income and expenditure.’
(Accreditation standard, November 2018)
This resources addresses the Financial Reporting Standard (FRS) 30 – Heritage Assets issued by the Accounting Standards Board (ASB). FRS 30 sets out ASB’s requirements for the financial reporting of items which are ‘heritage assets’ held by museums, galleries and heritage bodies.