FRS 30 heritage assets
The Accounting Standards Board (ASB) has issued ‘FRS 30 heritage assets’ which requires some new disclosure requirements for reporting the value and content of historical, artistic, scientific, geophysical or environmental collections so this will be of particular relevance to the charities.
The main features of FRS 30 are as follows:
- The disclosures will apply to all entities that hold heritage assets, regardless of whether these assets are reported in the balance sheet. These disclosures will provide information about an entity’s holding of heritage assets and the entity’s stewardship of these assets.
- The disclosures should make clear the accounting policies adopted of heritage assets and the extent to which the assets are recognised in the balance sheet. The disclosures should provide readers with an understanding of the assets values being reported as well as the entity’s policies for managing its total holding of heritage assets.
- The accounting in respect of the recognition and measurement of heritage assets should follow the requirements of FRS 15, as supplemented by the requirements of FRE 30.
- To encourage a valuation approach, FRS 30 allows entities to use internal valuations without the need for a full valuation every five years.
This standard should be applied in respect of accounting periods beginning on or after 1 April 2010. Earlier adoption is encouraged.
Should you have any queries on filing of accounts and annual returns, please contact our charities expert and a senior manager Wendy Bambrick on 01727 869141 or a member of our charities and the not-for-profit team.
Date: 23rd March, 2010
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