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Heritage assets in financial reporting: a critical analysis of the IPSASB's consultation paper

Author

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  • Lucia Biondi
  • Fabio Giulio Grandis
  • Giorgia Mattei

Abstract

Purpose - Within the stream of research on public sector accounting standards, heritage asset accounting represents a difficult and challenging issue. This paper intends to join the debate on heritage reporting by carrying out a critical review of the Consultation Paper (CP) “Financial Reporting for Heritage in the Public Sector” issued by the International Public Sector Accounting Standards Board (IPSASB) in order to highlight its strengths and weaknesses and to make recommendations. Design/methodology/approach - To this end, the current study adopts document analysis as a qualitative research method by referring to Italy as a typical and critical case study. Moreover, the authors actively took part in the Italian working group on heritage assets reporting, so they are well-informed people about the Italian point of view as well as the broad discussion underpinning the Italian response. Findings - Evidence demonstrates that, although the proposals included in the CP represent a new step towards an organic regulation of heritage asset reporting, if these preliminary views are confronted with the reality of an emblematic context, as in the Italian case, much room for improvement remains regarding the definition, recognition, measurement and disclosure of such assets. Originality/value - The originality of the paper lies in its contribution to overcoming the current controversial aspects of heritage assets reporting and the issuing of an accounting standard. In doing so, the authors also attempt to answer the call made by Anessi-Pessinaet al.(2019) to investigate in detail an individual country experience to better understand the state of the art in national and international accounting standards on heritage assets.

Suggested Citation

  • Lucia Biondi & Fabio Giulio Grandis & Giorgia Mattei, 2021. "Heritage assets in financial reporting: a critical analysis of the IPSASB's consultation paper," Journal of Public Budgeting, Accounting & Financial Management, Emerald Group Publishing Limited, vol. 33(5), pages 533-551, April.
  • Handle: RePEc:eme:jpbafm:jpbafm-09-2020-0158
    DOI: 10.1108/JPBAFM-09-2020-0158
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    Citations

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    Cited by:

    1. Mircea-Iosif Rus, 2022. "The Importance and Necessity of Heritage Evaluation," Ovidius University Annals, Economic Sciences Series, Ovidius University of Constantza, Faculty of Economic Sciences, vol. 0(2), pages 1010-1014, Decembrie.
    2. Ruggiero, Pasquale & Bachiller, Patricia, 2023. "Seeing more than reading:The visual mode in utilities' sustainability reports," Utilities Policy, Elsevier, vol. 83(C).
    3. Garry D. Carnegie & Paolo Ferri & Lee D. Parker & Shannon I. L. Sidaway & Eva E. Tsahuridu, 2022. "Accounting as Technical, Social and Moral Practice: The Monetary Valuation of Public Cultural, Heritage and Scientific Collections in Financial Reports," Australian Accounting Review, CPA Australia, vol. 32(4), pages 460-472, December.

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