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Journal cover: Accounting, Auditing & Accountability Journal

Accounting, Auditing & Accountability Journal

ISSN: 0951-3574

Online from: 1988

Subject Area: Accounting and Finance

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Accounting for public heritage facilities – assets or liabilities of the government?

Document Information:
Title:Accounting for public heritage facilities – assets or liabilities of the government?
Author(s):Allan D. Barton, (Department of Commerce, Faculty of Economics and Commerce, Australian National University, Canberra, Australia)
Citation:Allan D. Barton, (2000) "Accounting for public heritage facilities – assets or liabilities of the government?", Accounting, Auditing & Accountability Journal, Vol. 13 Iss: 2, pp.219 - 236
Keywords:Public and private goods, Public finance, Public sector accounting
Article type:Conceptual Paper
DOI:10.1108/09513570010323434 (Permanent URL)
Publisher:MCB UP Ltd
Abstract:Public heritage facilities – national parks, art galleries, museums and so on – are now required by professional accounting standards in Australia to be valued and included in government general purpose financial statements as assets. This study challenges the appropriateness of such an accounting treatment in relation to the SAC4 definition of assets and the purported usefulness of the information. Instead it is argued that these facilities are public goods, and that commercial accounting principles should not be applied to them. The article explains the nature and significance of public goods and how they differ from private goods. It explains why commercial accounting principles are irrelevant for public heritage facilities because their objectives are social rather than financial and why commercial valuations are irrelevant and unreliable if applied to them. Finally, it is contended that the facilities are assets held in trust for the nation by government and hence should not be included in its general purpose financial reports.

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