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Accounting as Technical, Social and Moral Practice: The Monetary Valuation of Public Cultural, Heritage and Scientific Collections in Financial Reports

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  • Garry D. Carnegie
  • Paolo Ferri
  • Lee D. Parker
  • Shannon I. L. Sidaway
  • Eva E. Tsahuridu

Abstract

The International Public Sector Accounting Standards Board of the International Federation of Accountants issued exposure draft ED78 Property Plant and Equipment in April 2021. It proposes valuing ‘heritage items’ for recognition as ‘heritage assets’ in statements of financial position. This proposed requirement for global application casts the spotlight on a highly controversial topic in regulated financial reporting. The monetary valuation of cultural, heritage and scientific collections of public not‐for‐profit museums, art galleries and similar repositories has been subject to considerable discussion and debate for the past three decades. Our purpose is to critically examine this perennial financial reporting controversary, in the context of the three conceptions of accounting: accounting as technical practice, social practice and moral practice as articulated in the definition of accounting proposed by Carnegie et al. (2021a, 2021b) for discussion, debate and potential adoption in the accounting profession, including by accounting standard setters in all sectors. This article is intended to challenge accounting to enhanced self‐awareness in reaching its full potential.

Suggested Citation

  • Garry D. Carnegie & Paolo Ferri & Lee D. Parker & Shannon I. L. Sidaway & Eva E. Tsahuridu, 2022. "Accounting as Technical, Social and Moral Practice: The Monetary Valuation of Public Cultural, Heritage and Scientific Collections in Financial Reports," Australian Accounting Review, CPA Australia, vol. 32(4), pages 460-472, December.
    • Handle: RePEc:bla:ausact:v:32:y:2022:i:4:p:460-472
    DOI: 10.1111/auar.12371
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    References listed on IDEAS

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    1. Paolo Ferri & Shannon I.L. Sidaway & Garry D. Carnegie, 2021. "The paradox of accounting for cultural heritage: a longitudinal study on the financial reporting of heritage assets of major Australian public cultural institutions (1992–2019)," Accounting, Auditing & Accountability Journal, Emerald Group Publishing Limited, vol. 34(4), pages 983-1012, January.
    2. Jere R. Francis, 1990. "After Virtue? Accounting as a Moral and Discursive Practice," Accounting, Auditing & Accountability Journal, Emerald Group Publishing Limited, vol. 3(3), pages 1-1, December.
    3. repec:eme:aaaj00:09513579010142436 is not listed on IDEAS
    4. Indrit Troshani & Nick Rowbottom, 2021. "Digital Corporate Reporting: Research Developments and Implications," Australian Accounting Review, CPA Australia, vol. 31(3), pages 213-232, September.
    5. Susan Newberry, 2001. "Public-Sector Accounting: A Common Reporting Framework?," Australian Accounting Review, CPA Australia, vol. 11(23), pages 2-7, March.
    6. Michael Bradbury & Bryan Howieson, 2020. "Editorial: Promoting the Usefulness of Research to Standard Setters," Australian Accounting Review, CPA Australia, vol. 30(4), pages 229-230, December.
    7. Garry D. Carnegie & Peter W. Wolnizer, 1996. "Enabling accountability in museums," Accounting, Auditing & Accountability Journal, Emerald Group Publishing Limited, vol. 9(5), pages 84-99, December.
    8. Garry Carnegie & Peter Wolnizer, 1999. "Unravelling the Rhetoric About the Financial Reporting of Public Collections as Assets," Australian Accounting Review, CPA Australia, vol. 9(17), pages 16-21, March.
    9. Eva Tsahuridu & Wim Vandekerckhove, 2008. "Organisational Whistleblowing Policies: Making Employees Responsible or Liable?," Journal of Business Ethics, Springer, vol. 82(1), pages 107-118, September.
    10. Hopwood, Anthony G., 1983. "On trying to study accounting in the contexts in which it operates," Accounting, Organizations and Society, Elsevier, vol. 8(2-3), pages 287-305, May.
    11. Carnegie, Garry D. & McBride, Karen M. & Napier, Christopher J. & Parker, Lee D., 2020. "Accounting history and theorising about organisations," The British Accounting Review, Elsevier, vol. 52(6).
    12. Lucia Biondi & Fabio Giulio Grandis & Giorgia Mattei, 2021. "Heritage assets in financial reporting: a critical analysis of the IPSASB's consultation paper," Journal of Public Budgeting, Accounting & Financial Management, Emerald Group Publishing Limited, vol. 33(5), pages 533-551, April.
    13. repec:eme:aaaj00:aaaj-01-2019-3807 is not listed on IDEAS
    14. Allan D. Barton, 2002. "Public-Sector Accounting:A Common Reporting Framework? A Rejoinder," Australian Accounting Review, CPA Australia, vol. 12(28), pages 41-49, November.
    15. repec:eme:aaaj00:09513579610151962 is not listed on IDEAS
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    3. Jun, Xiao & Huang, Wenwei & Guo, Yiting & Cao, Yuqiang & Lu, Meiting, 2023. "Why does economic policy uncertainty increase firm-level pollutant emission?," Economic Modelling, Elsevier, vol. 129(C).
    4. Mariya Pavlova & Rayna Petrova, 2023. "The Emerging Changes In The Accounting Profession And The Acconting Practice Under The Influence Of Technology," Economic Archive, D. A. Tsenov Academy of Economics, Svishtov, Bulgaria, issue 1 Year 20, pages 24-40.
    5. Yong Hu & Qian Liu, 2023. "Local Digital Economy and Corporate Social Responsibility," Sustainability, MDPI, vol. 15(11), pages 1-20, May.
    6. Paolo Ferri & Simone Napolitano & Luca Zan, 2023. "The income gap reporting framework in public not-for-profit organizations: the British Museum case," Journal of Management & Governance, Springer;Accademia Italiana di Economia Aziendale (AIDEA), vol. 27(4), pages 1303-1338, December.
    7. Qian Liu & Yiheng You, 2023. "FinTech and Green Credit Development—Evidence from China," Sustainability, MDPI, vol. 15(7), pages 1-23, March.

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