| 34.55 | An entity shall disclose the following for all heritage assets it holds: |
| (a) | An indication of the nature and scale of heritage assets held by the entity. |
| (b) | The policy for the acquisition, preservation, management and disposal of heritage assets (including a description of the records maintained by the entity of its collection of heritage assets and information on the extent to which access to the assets is permitted). |
| (c) | The accounting policies adopted for heritage assets, including details of the measurement bases used. [AMD 575] |
| (d) | For heritage assets that have not been recognised in the statement of financial position, the notes to the financial statements shall: |
| (i) | explain the reasons why; |
| (ii) | describe the significance and nature of those assets; and |
| (iii) | disclose information that is helpful in assessing the value of those heritage assets. |
| * (e) | Where heritage assets are recognised in the statement of financial position the following disclosure is required: |
| (i) | the carrying amount of heritage assets at the beginning of the reporting period and the reporting date, including an analysis between classes or groups of heritage assets recognised at cost and those recognised at valuation; and |
| * (ii) | where assets are recognised at valuation, sufficient information to assist in understanding the valuation being recognised (date of valuation, method used, whether carried out by external valuer and if so their qualification and any significant limitations on the valuation). |
| * (f) | A summary of transactions relating to heritage assets for the reporting period and each of the previous four reporting periods disclosing: |
| (i) | the cost of acquisitions of heritage assets; |
| (ii) | the value of heritage assets acquired by donations; |
| (iii) | the carrying amount of heritage assets disposed of in the period and proceeds received; and |
| (iv) | any impairment recognised in the period. |
| The summary shall show separately those transactions included in the statement of financial position and those that are not. |
| (g) | In exceptional circumstances where it is impracticable to obtain a valuation of heritage assets acquired by donation the reason shall be stated. |
| Disclosures can be aggregated for groups or classes of heritage assets, provided this does not obscure significant information. |
| 34.56 | Where it is impracticable to do so, the disclosures required by paragraph 34.55(f) need not be given for any accounting period earlier than the previous comparable period, and a statement to the effect that it is impracticable shall be made. |
| AMD 575 Amendment Paragraph 34.55(c) amended by Amendments to FRS 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland – Triennial review 2017 – Incremental improvements and clarifications (issued December 2017) Effective date 01/01/2019 Previous text (c) The accounting policies adopted for heritage assets, including details of the measurement bases used. |
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