Skip to main content
padlock icon - secure page this page is secure

Governmental accounting for heritage assets: economic, social implications

Buy Article:

$40.56 + tax (Refund Policy)

Neo-classical economic theory provides the framework for general purpose financial reports prepared by Australian government departments and their agencies. These reports, which include a statement of financial position (financial worth) and an operating statement (an estimate of the return on the investment), have an economic rationale: the information is intended to guide the allocation of scarce government resources. All government assets, including those held for their cultural, historical or environmental values (heritage assets) are to be valued utilizing the neo-classical theory of value. Argues that the accounting exercise is flawed. Measurement of value-in-use or value-in-exchange of heritage assets is inherently subjective, ignoring institutional conditions and non-use values. The accounting approach fails to measure either the service value or economic benefits of governmental heritage assets. Consequently, the information generated is inconsistent with the economic rationale and the valuation process may prejudice any assessment of the performance of entities responsible for these assets. There is a strong case for either widening the concept of value to include non-use values or abandoning the measurement of heritage assets.
No Reference information available - sign in for access.
No Citation information available - sign in for access.
No Supplementary Data.
No Article Media
No Metrics

Keywords: Accounting; Assets; Australia; Economics; Government Departments; Valuation

Document Type: Research Article

Publication date: July 1, 1997

  • Access Key
  • Free content
  • Partial Free content
  • New content
  • Open access content
  • Partial Open access content
  • Subscribed content
  • Partial Subscribed content
  • Free trial content
Cookie Policy
X
Cookie Policy
Ingenta Connect website makes use of cookies so as to keep track of data that you have filled in. I am Happy with this Find out more