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



1. Butinets, F.F., 2000. Theory of accounting. Zhytomyr: ZhITI, 640 p.
2. UNESCO World Report on Culture, 2000. Cultural Diversity: Conflict and Pluralism. Paris: UNESCO, 416 p.
3. Gerasimenko, O. M. 2016. Investigation of the essence of the assets of the inheritance as a category ofthe terminological apparatus of accounting. Technological audit and production reserves, 6/4 (32), pp. 4–9.
4. Indutny, V.V. 2009. Estimation of cultural monuments. Kyiv: SPD Molyar SV, 537 p.
5. Ministry of Culture and Arts of Ukraine, 1998. Instruction on the procedure for determining thevaluation and insurancevalueoftheMuseumFund’sMuseummonuments[online]Availableat: <> [Accessed 31 August 2018].
6. IPSAS 17. Rroperty, plant and equipment, 2001 [online] Available at: < files / ipsas-17-property-plant-2.pdf> [Accessed 31 August 2018].
7. Krolevets, S. Museum Items. Cost, score, price. [online] Available at: <>.
8. Kuderskaya, N.I., 2015. Administrative and legal regulation of the protection and preservation ofmaterial cultural heritage in Ukraine. Ph.D.
9. Lord, B., Lord, G.D., 2002. Management in the museum business. Moscow: Logos, 256 p.
10. Medvedev, M.Yu., 2001. General theory of accounting: natural, accounting and computer methods. Moscow: Business and service, 752 p.
11. National Accounting Standard in the Public Sector 101 “Presentation of Financial Statements”, 2009 [online] Available at: <> [Accessed 31 August 2018].
12. National Accounting Standard in the Public Sector 121 “Fixed Assets”, 2010 [online] Available at: <> [Accessed 31 August 2018].
13. National Standard No. 1 “General Principles of Appraisal of Property and Property Rights”, 2003 [online] Available at: <> [Accessed 31 August2018].
14. Hassan, A.G. Ouda., 2014. Towards a Practical Accounting Approach for Heritage Assets: AnAlternative Reporting Model for NPM Practices. Journal of Finance and Accounting, vol. 2, No. 2., P.19-33. DOI: 10.12691/jfa-2-2-1.
15. Heritage Assets GRAP 103: ASB, South Africa, 2008 [online] Available at: < fileticket = ownCoJYOxxc% 3d & portals = 0> [Accessed 31 August 2018].
16. Heritage assets FRS 30, 2009 [online] Available at: < Assets-(June-2009)-File.pdf> [Accessed 31 August 2018].
17. Platonov, B.O., 2013. Fundamentals of valuation activity. Kyiv: NAAKKIM, 227 p.
18. Rules of accounting in public institutions, 2010 [online] Available at: <> [Accessed 31 August 2018]
19. On Export, Import and Return of Cultural Property, 1999 [online] Available at: < laws/show/1068-14> [Accessed 31 August 2018]
20. On museums and museum affairs 1995 [online] Available at: <> [Accessed 31 August 2018]
21. On the evaluation of property, property rights and professional appraisal activity in Ukraine, 2001 [online] Available at: <> [Accessed 31 August 2018]
22. Recommendations of the parliamentary hearings on the theme: “The strategy of the reintegration intoUkraine of the temporarily occupied territory of the Autonomous Republic of Crimea and the city ofSevastopol: problem issues, ways, methods and methods”, 2016 [online] Available at<> [Accessed 31 August 2018]
23. Sokolov, Ya.V., 2000. Fundamentals of Accounting Theory. Moscow: Finance and Statistics, 496 p.
24. Standard17–HeritageAsset:CNOCP,2013[online]Availableat: < services / cnocp-en / opinion / board_opinion / 2013 / Opinion-n-2013- 03-Standard-17.pdf> [Accessed 31 August 2018]
25. Tamoykin, M. Yu., Tamoykin, I. Yu., Tamoykin, D. M., 2013. Doctrine of Thermal Power Station in thesphere of circulation of cultural values [online] Available at: <> [Accessed 31 August 2018]
26. Tamoykin, M., 2012. Material culture in danger. “2000”, 23 (609), pp. 4-5
27. Tangible fixed assets FRS 15, 1999 [online] Available at: < documents/FRS%2015.pdf> [Accessed 31 August 2018]
28. Federal Standard of Accounting for public sector organizations “Fixed Assets” [online] Available at: <>
29. Economic Dictionary [online] Available at: < 1935-1105.html> [Accessed 31 August 2018]


  • pdf 200-19-26
    File size: 377 kB Downloads: 1002