Museums forced to account for treasures?

News Article - 31 July 2008
Category: Business

The Accounting Standards Board (ASB) is calling on museum managers to make full balance sheet disclosures of all their exhibits.

Most so-called 'heritage assets' do not appear on the books of the institutions that house them, but the ASB - which sets standards for financial reporting in the charitable sector - is now trying to change that for greater transparency, reports the Financial Times.

However, giving museum treasures an economic value has sparked mixed reaction, including from inside the accountancy sector.

Ken Wild, national director of accounting at Deloitte, tells the news source: "Does Stonehenge have a value? I bet Disney would buy it. But would that value really mean anything? Probably not."

Other firms who are forced to detail their assets could benefit from installing accounting software to facilitate the process.

According to a recent survey by business intelligence group Cognos, bosses are increasingly struggling to keep up with reporting requirements, with almost two-thirds feeling the administration is hampering growth and putting a strain on their finance and accounting teams, reports Accountancy Magazine.

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