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Journal of the Arab American University مجلة الجامعة العربية الامريكية للبحوث

Journal of the Arab American University مجلة الجامعة العربية الامريكية للبحوث

Abstract

The preservation and management of heritage assets is critical for preserving a country's cultural identity and promoting tourism. However, guidance on how to account for heritage assets in government financial statements is lacking. In response to this need, the United Nations Statistical Commission has developed the Government Finance Statistics Manual (GFSM) to provide guidelines on the accounting treatment of heritage assets. This paper set the GFSM’s guidelines for accounting for heritage assets and provided a critical analysis of their applicability and effectiveness, as well as highlighting the challenges and limitations of heritage asset accounting. The methodology involved a literature review and the paper's findings set the GFSM guidelines for accounting for heritage assets in Governance Department, but there is still much room for improvement in this area. The paper recommends additional research to develop more robust and standardized accounting practices for heritage assets, as well as suggest Guidelines for Heritage Assets in the Government Finance Statistics Manual. The paper concluded with suggestions for future research and policy development in this area, emphasizing the importance of balancing cultural heritage preservation with the need for economic development and sustainability.

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