Consultation: Heritage Assets (FRED) 40

CFDG welcomed the opportunity to comment on Financial Reporting Exposure Draft (FRED) 40 – Accounting for Heritage Assets.

As we highlighted in our response to Heritage Assets- Can Accounting do better? we are pleased that the Accounting Standards Board is trying to address the inconsistent and mixed approach to heritage assets that has existed to date.

In general we are not unsupportive of this Financial Reporting Standard and consider it progress on the current accounting arrangements for heritage assets. However, we believe that the proposals put forward in Heritage Assets – Can Accounting do better? would have been a far better approach.

CFDG's Response:
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Financial Reporting Exposure Draft 40 Accounting for Heritage Assets
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