Measuring the Value of Heritage Assets to Be Reported in the Balance

question 47

Multiple Choice

Measuring the value of heritage assets to be reported in the balance sheet raises difficulties because:

• A) While reliable valuations may be made, the cost of maintaining and improving the value of the assets is so high that the capitalisation of these amounts often distorts the valuations.
• B) The cost of heritage assets is the most reliable measure, but because heritage assets may be very old their carrying value will often be zero under the requirements of AAS 29.
• C) Obtaining a reliable valuation for heritage assets is problematic because there will generally be no sales or purchases and no valid market comparison to use.
• D) The cost of obtaining detailed valuations by experts in the area of the specific type of heritage asset is prohibitive for most government departments.
• E) None of the given answers.

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Definitions:

Highly Formalized

Refers to a structure or system with explicit rules, procedures, and standards that are strictly followed.

Latham's Approach

A goal-setting theory proposed by Gary Latham, which focuses on the importance of setting specific and challenging goals to enhance employee performance.

Behavior Change

The process of transforming or modifying human behaviors, habits, or actions to achieve desired outcomes or goals.

Normal Resistance

The usual or expected opposition encountered when introducing a change or when attempting to move an object or process forward.