Heritage_assignment_02_2016.pdf

1. Briefly, outline • what are heritage assets;  • two examples of heritage assets;  • the main issues related to whether heritage assets should be reported in financial  accounting terms.

 

Heritage_assignment_02_2016.pdf

• 2. In consideration of the  two conditions  for  recognition  of  assets  (AASB116  Property, 

plant and equipment), which are: 
a. It  is  probable  that  the  future  economic  benefits embodied in the asset will eventuate;

b. The asset possesses a cost or other value that can be measured reliably. 

Provide 1 (one) reason  why these conditions  MAY apply  to  heritage assets  and  1 (one) reason why these conditions MAY NOT apply to heritage assets.

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