A STUDY OF THE PROPOSED STATEMENT OF FINANCIAL ACCOUNTING STANDARDS : ACCOUNTING FOR CONTRIBUTIONS RECEIVED AND CONTRIBUTIONS MADE AND CAPITALIZATION OF WORKS OF ART, HISTORICAL TREASURES, AND SIMILAR ASSETS
Loading...
Authors
Stretch, Cynthia
Issue Date
1991
Type
Capstone
Language
en
Keywords
Alternative Title
Abstract
Though there was much discussion of the proposed rule in the ensuing months, little literature was available to assist professionals in understanding the FASB document. The purpose of this project was to develop an informational pamphlet which interpreted the accounting requirements for museum collections contained in the proposed rule.
The museum community objected to the rule, in part, because of the implication that museum objects were no different in character than other assets, such as land, furniture and equipment. The opposition expressed the view that museum objects are fundamentally different than business assets. Yet, the FASB was treating both the same 1 by requiring a dollar value for collections to be placed on the financial statements of the museum.
What is the traditional view of museum collections? What is the FASB's view of museum collections? What issues have developed that led the FASB to propose such a rule? Can activities and trends be identified that have led us to this point?