RegulationAccounting StandardsICAS slams heritage standard

ICAS slams heritage standard

The Institute of Chartered Accountants of Scotland has slammed standard setters for proposing that charities value the assets they hold for the nation

The Accounting Standards Board has
proposed that charities determine whether they are able to put a value on the
‘heritage assets’ that they hold.

But ICAS has warned that plans to force organisations such as the British
Museum and the National Trust for Scotland to put values on assets such as
castles could become costly and burdensome.

James Barbour, director of accounting and auditing at ICAS, said: ‘How can
you place a realistic value on the Egyptian collection at the British Museum or
the battlefield at Bannockburn? ’

The National Gallery’s director of resources Chris Yates told
Accountancy Age earlier this year that heritage valuation would mean
few if any assets would be valued, as galleries opted to value none of their
assets rather than all.

For more, go to www.icas.org.uk

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