FRS 30 Heritage Assets
Issued June 2009. Effective 1 April 2010. Earlier adoption is encouraged.
FRS 30 has been superseded by FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland for accounting periods beginning on or after 1 January 2015. For more information visit:
Synopsis
FRS 30 Heritage Assets introduces new disclosure requirements for reporting the value, content and stewardship of collections held by museums and art galleries.
The standard covers heritage assets which are kept mainly for their contribution to knowledge and culture, regardless of whether these assets are reported in the balance sheet.
The recognition and measurement requirements of FRS 15 Tangible Fixed Assets are retained, however to encourage a valuation approach, the FRS allows entities to use internal valuations without the need for a full valuation every five years.
Last updated 21 June 2015