Why does the SORP still require the capitalisation of Heritage Assets given the responses received at consultation?
We recognise that many in the museum and gallery sector feel that the approach to capitalisation required by FRS 15 creates anomalies and indeed can result in confusing reporting when applied to heritage assets. The SORP however cannot re-write or overrule accounting standards. As explained at the consultation stage, the SORP Committee wanted to use the consultation process to explore this long standing issue in more detail so that respondents views on this issue could be used to inform subsequent reviews of the SORP. The Commission has shared these responses with the ASBs Public Sector and Not-for-Profit Committee who have now published a discussion paper that gives consideration to the accounting issues involved.
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