Assessment of Museum Items

Authors: Y. Kaliuha, ORCID ID0000000190577476, Doctor of Economics, Professor, Head of the Department of Accounting and Taxation of National University of Life and Environmental Sciences of Ukraine, Kyiv, Ukraine.
O. Gerasymenko, ORCID ID0000000245114306, Senior Lecturer, Department of Accounting, National State Tax Service University of Ukraine, Kyiv, Ukraine.

Abstract: The expediency of assessment of museum items on the basis of the degree of exclusiveness (scientific and historical, scientific and artistic, and other scientific and informative value) is substanti ated. The approaches to assessment of museum items (as a part of the heritage assets) in national and international accounting standards for the public sector are investigated. Proposals concerning the application of valuation at initial cost in Ukraine are substantiated. In case of its absence one should recognize fair value instead of conditional one. Museum items that are not assessed on the reporting date and do not meet the recognition criteria should be disclosed in the off-balance sheet accounting by the symbolic value with subsequent disclosure in the Notes to the financial statements.

Key words: museum items, assessment, assessed value, conditional cost, initial cost, fair value, symbolic value

Received: 08/10/2018

1st Revision: 20/10/18

Accepted: 25/10/2018

DOI: https://doi.org/10.17721/1728-2667.2018/200-5/3

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