acquisition, preservation, management and disposal of heritage and cultural assets. For the purposes of this division, the term ‘government referred to in the statement listing pertinent department’ entities in Australian Implementation Guidance to means an entity as defined in this schedule. GUIDANCE Definition Heritage and cultural assets are defined in . As per the definition, heritage and cultural items do not include structures constructed to assist with the display, transport or storage of the asset. Examples of items not captured by the definition are backdrops, hanging apparatus, storage racks or protective cases, unless the item has such value in its own right or is an integral part of the heritage and cultural item. An example of an asset being an integral part of a heritage and cultural asset might be the original frame surrounding a painting that is classified as a heritage and cultural asset. Asset recognition criteria Not all heritage or cultural items will meet the accounting definition of assets despite having intrinsic heritage value. Only items that are useful to the entity in achieving its objectives and have a financial value that can be reliably measured are recognised as assets. Where a heritage and cultural asset is irreplaceable and has no market price, it is unlikely that its value can be reliably measured. Useful lives The AAS contemplate indefinite useful lives for some assets and non-depreciation in circumstances where assets have indefinite useful lives. In accordance with , where appropriate curatorial and preservation policies are established, heritage and cultural assets may be deemed to have an indefinite useful life, and as such, not depreciated. Entities should ensure such policies satisfy the criteria in the Implementation Guidance to and only depreciate these assets where they are determined to have a limited life.
acquisition, preservation, management and disposal of heritage and cultural assets. For the purposes of this division, the term ‘government department’ referred to in the statement listing pertinent entities in Australian Implementation Guidance to means an entity as defined in this schedule. GUIDANCE Definition Heritage and cultural assets are defined in . As per the definition, heritage and cultural items do not include structures constructed to assist with the display, transport or storage of the asset. Examples of items not captured by the definition are backdrops, hanging apparatus, storage racks or protective cases, unless the item has such value in its own right or is an integral part of the heritage and cultural item. An example of an asset being an integral part of a heritage and cultural asset might be the original frame surrounding a painting that is classified as a heritage and cultural asset. Asset recognition criteria Not all heritage or cultural items will meet the accounting definition of assets despite having intrinsic heritage value. Only items that are useful to the entity in achieving its objectives and have a financial value that can be reliably measured are recognised as assets. Where a heritage and cultural asset is irreplaceable and has no market price, it is unlikely that its value can be reliably measured. Useful lives The AAS contemplate indefinite useful lives for some assets and non-depreciation in circumstances where assets have indefinite useful lives. In accordance with , where appropriate curatorial and preservation policies are established, heritage and cultural assets may be deemed to have an indefinite useful life, and as such, not depreciated. Entities should ensure such policies satisfy the criteria in the Implementation Guidance to and only depreciate these assets where they are determined to have a limited life.
finance_ministers_orders_for_financial_reporting.docx