Heritage Accounting in Selected Government Institutions in Metro Manila: A Focus on the Initial Recognition, Subsequent Measurement and Disclosure of Intramuros Administration

• Main Authors: Marcojos, Meryl Clarisse C., Picar, Toni Venette R., Wang, Michelle Phoebe G.
• Format: text
• Language: English
• Published: Animo Repository 2012
• Subjects: Cultural property > Accounting > Philippines; Attest function (Auditing) > Philippines; Government property > Accounting; Accounting
• Online Access: https://animorepository.dlsu.edu.ph/etd_bachelors/10828
• Institution: De La Salle University

This study focuses on the initial recognition, subsequent measurement, and disclosures of the heritage assets owned by the Intramuros Administration (IA). It also aims to find out if IA's accounting policy on heritage assets has a significant difference from the Exposure Draft that was proposed by the Accounting Standards Board and if the selected government agencies consider PGAS 9: Others Assets still applicable as a current accounting standard. To gather data, the researchers handed out survey questionnaire and conducted interviews with selected government agencies PGAS 9 and a possible accounting standard on heritage assets in the Philippines. All of the respondents capitalize their heritage assets at historical cost and do not depreciate them. The selected government agencies rarely revalue the said assets at fair market value, and also do not further disclose about the assets in the Notes to Financial Statements. The data collected were analyzed qualitatively and quantitatively. Statistical tools such as chi-square test and binominal test were used for the quantitative analysis. Results show that the selected government agencies deem PGAS 9 as irrelevant to the current accounting standard, and that IA's valuation and disclosure of heritage assets are significantly different from what the Exposure Draft has recommended. The researchers have concluded that the accounting policies used by the IA on heritage assets, IA does not show fairly presented values and proper disclosure in their financial statements.