Heritage valuations 'could be problematic'

News Article - 23 May 2012
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Proposals to make it compulsory for charities to assess the value of their heritage assets could place unrealistic burdens upon organisations, it has been claimed.

According to the Institute of Chartered Accountants in Scotland (ICAS), plans outlined by the Accounting Standards Board to force organisations like the British Museum to determine the value of certain assets could cause difficulties.

James Barbour, director of accounting and auditing at ICAS, said: "Heritage assets are by their very nature, unique. How can you place a realistic value on the Egyptian Collection at the British Museum or the battlefield at Bannockburn for example?

"There are real difficulties in obtaining meaningful valuations."

Mr Barbour expressed concern that some charities may not be able to afford diverting funds and staff resources to the valuation of assets only to find that the procedure is not viable.

Last month, the Institute of Chartered Accountants in England and Wales announced that it would be setting up a new group to help finance professionals meet their obligations with regard to valuations.

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