RegulationAccounting StandardsASB looks to put price on the priceless

ASB looks to put price on the priceless

ASB exposure draft wants to bring priceless heritage assets onto owners' books

The ASB has rolled out its latest consultation on how the UK’s priceless
national treasures should be treated on the books of the institutions that own
them.

The ASB’s FRED 42 exposure draft on heritage assets calls for more disclosure
on the value of the collections, even if they are kept off the balance sheet.
Advisers said institutions such as the British Library, which owns the
Lindisfarne Gospels, and the National Gallery would have to look at their
reporting again if the proposals were pushed through.

Heritage assets have been a sticking point since 2006 because of the
difficulty of putting a value on priceless works. Without a price tag, assets
must be kept off the balance sheet, which could wipe millions off institutions’
books.

Ken Wild of Deloitte said the issues were problematic: ‘How do you go about
putting a value on Stonehenge or Trafalgar Square?’

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