BFA605 Financial and Corporate Accounting

Assessment Item 1– Case Study

Heritage assets are a controvers ial subject. There is an ongoing debate about whether we should consider heritage items as assets from an accounting perspective. According to IPSASB, heritage items can be described as “items that are intended to be held indefinitely and preserved for the benefit of present and future generations because of their rarity and/or significance in relation, but not limited, to their archeological, architectural, agricultural, artistic, cultural, environmental, historical, natural, scientific or technological features” (IPSASB, 2017). Some examples of heritage items are historic buildings, national parks, monuments, and artefacts.

You as an accountant, based on your interpretation of the Accounting Standards and Conceptual Framework, discuss “should heritage items be recognised as assets in the balance sheet?”

Some research papers have been provided that may be helpful. You may use these references in your submission if you choose, but are also encouraged to research more broadly and find your own references.

Required:

1. Prepare a discussion and address the question: “should heritage items be recognised as assets in the balance sheet?”. In your response, you should address both sides of the argument (with appropriate references), before coming to your own conclusion. Please write the discussion in a professional manner and you may use accounting

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Note: please paraphrase your arguments, do not directly copy the arguments from research papers or online materials (which may lead to plagiarism and a breach of academic integrity).

2. Your discussion should be referenced appropriately. References should be provided both in- text and as a post-script to your discussion.
3. Your discussion must not exceed 1,500 words (including references).

Submitting instructions for Case study:

• In this assessment, we will use a software called FeedbackFruits (which is located under the Assessment item folder). Please first submit your discussion of the case study under Content- Assessment – ‘Peer Submissions & Reviews’ – ‘Submit case study and conduct peer review HERE’ (this is for the purpose of peer review).
• Please then submit your discussion of the case study to the assessment dropbox- located under Assessments – Assignments – ‘Assignment 1 case study’ (you will need to submit the SAME discussion of the case study assignment twice on MyLO, submitting to assessment dropbox is to give feedback).
• Just a reminder that due to the peer review process, there must be nothing in your assignment that

can identify you. Please do not include your name and student number anywhere in the document (including the file name).

• Please note that because of the peer allocation process there will be no extensions for this Please do not attach a cover page!