INDEXING FINANCIAL REPORTING INFORMATION FOR HERITAGE MANAGEMENT
The way ‘Heritage Assets’ are preserved is a symbol of a country’s civilization (Shan, 2006). Heritage assets (HA) are of utmost signiﬁcance to shaping nations’ identities. Their signiﬁcance is derived from their historical, aesthetic, scientiﬁc and social values. They should be well preserved to continue offering social beneﬁts for an indeﬁnite period (Barton, 2005). Countries possessing rich legacies of HA should manage them properly to evade negligence and loss of such irreplaceable possessions. Thus, governments are responsible for safeguarding HA and ensuring their retention for future generations.
Jméno a příjmení autora:
Nabiela Noaman, Hassan Ouda, Johan Christiaens
Public sector accounting, accounting standards, ﬁnancial reporting, heritage management, disclosure index, user-needs, Egypt
DOI (& full text):
The main role of effective heritage management (HM) is to utilize heritage assets while safeguarding them for present and future generations. Proper ﬁnancial reporting could increase the management…více
The main role of effective heritage management (HM) is to utilize heritage assets while safeguarding them for present and future generations. Proper ﬁnancial reporting could increase the management capacity in safeguarding these valuable possessions by providing useful information for decision making and management discharge of accountability. In this study we focus on investigating the signiﬁcance of ﬁnancial reporting information for the HM practice. We assess how accounting standards comply with user-needs. For this purpose, a measurement tool; disclosure index is developed to identify and assess the signiﬁcance of ﬁnancial reporting information for HM. The index is tested quantitatively and qualitatively in Egypt for its huge bequest of heritage. Our results indicate that four ﬁnancial reporting dimensions of HA; namely performance, accountability, disclosure and narrative are signiﬁcant for HM, comprising 18 ﬁnancial reporting items. While the recognition and measurement dimension is found insigniﬁcant to the managerial practice. On the international context, the study contributes to the current debate; “determining the appropriate accounting treatment for heritage assets”. This is by identifying user-needs which is the base for determining ﬁnancial reporting objective. On the country context of Egypt, the results revealed that the appropriate accounting basis for HA is the modiﬁed accrual.