Financial reporting of heritage assets in annual accounts

This advice note from the Association of Independent Museums enables governing bodies to ensure that they are meeting the Accreditation Standard and the relevant financial regulations or standards. In particular it supports governing bodies to meet the requirement detailed in the Accreditation Scheme.

This resources addresses the Financial Reporting Standard (FRS) 30 – Heritage Assets issued by the Accounting Standards Board (ASB) which came into force for accounting periods beginning on or after 1 April 2010. FRS 30 sets out ASB’s requirements for the financial reporting of items which are ‘heritage assets’ held by museums, galleries and heritage bodies i.e. collections, landscape and buildings maintained principally for their contribution to knowledge and culture.

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Date created: 2011

Author: Association of Independent Museums

Publisher: Association of Independent Museums