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Financial Reporting Exposure Draft (FRED) 42: Heritage Assets
Organisation |
Accounting Standards Board (ASB) |
Summary |
The ASB has issued a revised FRED (42) that aims to improve the quality of the financial reporting of heritage assets. It applies to museums, galleries and other entities that house historic collections of art, antiques and books, or that own or manage land or buildings with important environmental or historical qualities. The main feature of the proposals is that enhanced disclosures should apply to all entities that hold heritage assets, regardless of whether these assets are reported in the balance sheet. These disclosures should provide readers with an understanding of the asset values being reported as well as the entity’s policies for managing its total holding of heritage assets. We will be holding a meeting of CFDG's technical accounting group on Wednesday 17th September, from 9 - 10.30am, to discuss this exposure draft. Peter Lewis, from BDO Stoy Hayward, has kindly drawn up a briefing paper on the implications of FRED 42. The meeting will be held at the CFDG offices at 1, London Bridge. There will be limited places, so please contact Ernese Skinner as soon as possible if you wish to attend (ernese.skinner@cfdg.org.uk).
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How to Respond |
Please send a copy of your response to Ernese Skinner by email (ernese.skinner@cfdg.org.uk). You may wish to send a copy of your comments direct to the Accouting Standards Board too - details on how to are on their website see link below. Please note the consultation runs until the 10th October 2008. |
More Information |
FRED 42 and the accompanying Press Notice are available online: |
