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The conceptual arguments concerning accounting for public heritage assets: a note

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  • Allan Barton

Abstract

Purpose - This paper seeks to reply/comment on the paper by Keith Hooperet al., titled “‘Knowing the price of everything and the value of nothing’: accounting for heritage assets”. Design/methodology/approach - This note uses the economic theory of public goods to complement the explanation and analysis of Hooperet al's article on accounting for public heritage assets by New Zealand museums. Findings - Using public goods theory from economics, the paper explains why the “sector neutral” approach, which underlies the application of commercial accounting standards to public heritage assets, is unsound; why “fair market prices” cannot be obtained for public heritage assets because of their being public goods; and why they should be accounted for outside the statement of financial position as assets held in trust by the custodial entities. Originality/value - The opposition of some of the museums to the accounting standards being imposed on them is soundly based in the economic theory of public goods.

Suggested Citation

  • Allan Barton, 2005. "The conceptual arguments concerning accounting for public heritage assets: a note," Accounting, Auditing & Accountability Journal, Emerald Group Publishing Limited, vol. 18(3), pages 434-440, June.
    • Handle: RePEc:eme:aaajpp:09513570510600774
    DOI: 10.1108/09513570510600774
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