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In recent years, accounting for heritage assets has evolved but continuing the diversity in reporting practices remains problematic. Traditional cash-based budgets are still common in governmental accounting in some countries, but these ignore heritage assets as they are non-realisable and often do not generate revenue. Heritage assets do, however, incur cash outflows. The adoption of accrual accounting for recording heritage assets raises the technical issues of recognition and measurement of such assets, both in the balance sheet and income statements.

This chapter examines the financial reporting environment for heritage assets in New Zealand (NZ). The authors provide evidence on the reporting practices of heritage assets by five of NZ’s significant museums during the period 2011–2020, under IAS 16 and IPSAS 17 requirements. The authors analyse disclosures on heritage assets in the financial reports of these museums, including accounting policies, valuation and measurement, income statement impact, and related notes.

The findings suggest that, despite the existence of the International Financial Reporting Standards (IFRS) (IAS 16) and International Public Sector Accounting Standards (IPSAS) (IPSAS 17) reporting standards during this period, a variety of reporting practices exist among NZ museums. For example, heritage assets are recognised either at fair value or historical cost on the balance sheet or not recognised in the financial statements at all. These findings suggest substantial non-uniformity in the actual measurement and reporting of heritage assets. They are of interest to policy-makers and regulators, particularly in countries that are currently considering adoption of IPSAS.

Heritage assets (HAs) are important goods or properties that define a country’s culture, history, and identity. Public sector entities are the primary custodians of a nation’s heritage properties; however, many local museums and historic houses are managed by private not-for-profit (NFP) organisations that essentially act to conserve these heritage places.

Through a documentary analysis, this chapter aims to investigate the points of convergence and the differences between accounting policies for governmental heritage and private NFP organisations.

The study demonstrates that even private NFP entities present the same characteristics as public sector ones in the accounting of heritage goods and that there are certain accounting standards being equally applicable; therefore, the accounting policies for governmental heritage are in accordance with the accounting policies for NFP organisations such as museums, art galleries, charities, churches, for their heritage goods.

This book chapter intends to analyse a particular measurement basis, namely the ‘value in use’, regarding its definition and application in the public sector context. To this end, the current study assesses the development of a measurement practice in a particular jurisdiction, that is, Italy, compared with requirements in current International Public Sector Accounting Standards (IPSASs), in order to explore its suitability and practicability for a specific category of public sector assets, namely heritage assets.

Implementation of accrual-based accounting systems and the related preparation of an initial balance sheet are stimulating a debate on valuation and management of fixed assets, emphasising how critical it is to have adequate asset information. This chapter aims to propose a framework to clarify the relationship between the asset inventory and the asset register by examining the objectives and characteristics of asset information systems, drawing from experience regarding the implementation of asset inventories and registers from four countries (Malaysia, South Africa, Switzerland, and Australia – State of Victoria).

Milkerie¹ worker cooperative was created after a yearlong labor fight against a factory closure announcement. By creating the coop, Milkerie’s workers set out to prove that if workers were given more decision-making power in the economy, it would be possible to create a more inclusive economy that values worker labor and provides them wage-based livelihoods. This chapter describes the historical conditions that the cooperative emerge, shaped its business model and governance structure. If cooperatives are believed to propose an alternative to capitalist enterprises, the case of Milkerie shows how the market pressure turns activism, that is, various types of unpaid voluntary labor, into simple jobs, that is, activities codified by task description and time frame, limiting the possibility to re-imagine the economy collectively.

This introductory chapter elaborates on the tricky issue of measurement in public sector financial reporting, which arises due to the particular features of the public sector when compared to the private sector. It provides a summary of the book chapters, highlighting the theoretical/practical frameworks used, methodologies and conclusions. Three themes are identified in the book, namely, (a) frameworks and methodologies; (b) measuring and reporting the elements in financial statements; and (c) heritage. This chapter identifies important avenues for further research.

Previous research shows differences between women and men in utilization of facilities of health care (FHC) across the general population in a number of countries. In this chapter, we focus on the capability to use FHC, because it refers to an individual freedom to choose between alternative FHC directed to restore or to improve own health in situations of health needs. Based on several empirical studies and on the insights of the capability approach, we propose that there are cross-national differences between women and men in the capability to use FHC, and that these differences are due to gender differences in the extent of educational skills, and due to differences in the extensiveness of social security policies across countries. The objective of this study was to question these propositions.

We tested the hypotheses using the data from the European Social Survey (in a sample of 38,992 respondents from 22 countries) which we analyzed performing multilevel analyses.

The findings show that in Central, North, West, and East European countries, women have more capabilities to use FHC than men. They suggest that the low-skilled women in Central, North, and West European countries have higher level of the capability to use FHC than women with more educational skills.

The findings do not specify which particular social program or policy is more effective in enhancing women’s capability to use FHC.

This chapter focuses on women’s freedom or the capability to use FHC.

Recognition, measurement and disclosure of public sector assets constitute relevant matters for national and international public sector accounting standard-setting. This chapter develops a theoretical analysis drawing upon a dualistic approach contrasting current value and historical cost accounting models. Accordingly, the latter should be adapted and then preferred to cope with public sector specificities, with a view to providing information for and enforcing accountability to citizens and their political representatives. Drawing upon this theoretical setting, our analysis develops a consistent design for the overarching conceptual framework for assets in general, providing illustrative examples for specific categories such as financial, heritage, natural and military assets.

The objective of this chapter is to compare the measurement bases of income and expenditures found in International Public Sector Accounting Standards (IPSAS) used in Public Accounts with those in the statistical rules used in National Accounts/Government Finance Statistics (GFS). Both frameworks apply an accrual methodology, but, while some governments appear dubious about adopting the IPSAS framework, the National Accounts framework is more ‘tried and tested’ for government financial reporting on an international scale. The practical application of the accrual methodology in the two frameworks differs to a certain extent. These differences provide learning opportunities for both frameworks.

This chapter gives in “Introduction to the Human Capital Issue” a critical analysis of the standard (economic) Human Capital (HC) theory, with the help of some “traditional” (founding) accounting concepts. From this study, to avoid the accounting and social issues highlighted in “Introduction to the Human Capital Issue,” we present, in “The “Triple Depreciation Line” Model and the Human Capital,” the “Triple Depreciation Line” (TDL) accounting model, developed by Rambaud & Richard (2015b), and we apply it to “HC,” but viewed as genuine accounting capital – a matter of concern – that firms have to protect and maintain.

From a critical review of literature on HC theory, from the origin of this concept to its connection with sustainable development, this chapter provides a conceptual discussion on this notion and on the differences/common points between capital and assets in accounting and economics. Then, it uses a normative accounting model (TDL), initially introduced to extend, in a consistent way, financial accounting to extra-financial issues.

This analysis shows at first that the standard (economic) HC theory is based on a (deliberate) confusion between assets and capital, in line with a standard economic perspective on capital. Therefore, this particular viewpoint implies: an accounting issue for reporting HC, because “traditional” accounting capital and assets are clearly isolated concepts; and a societal issue, because this confusion leads to the idea that HC does not mean that human beings are “capital” (i.e., essential), or have to be maintained, even protected, for themselves. It only means that human beings are mere productive means. The application of the TDL model to an accounting redefinition of HC allows a discussion about some key issues involved in the notion of HC, including the difference between the standard and “accounting” narratives on HC. Finally, this chapter presents some important consequences of this accounting model for HC: the disappearance of the concept of wage and the possibility of reporting repeated (or continuous) use of HC directly in the balance sheet.

This chapter contributes to the literature on HC and in general on capital and assets, by stressing in particular some confusions and misunderstandings in these concepts. It fosters a cross-disciplinary approach of these issues, through economic, accounting, and sustainability viewpoints. This analysis also participates in the development of the TDL model and the research project associated. It finally proposes another perspective, more sustainable, on HC and HC reporting.

The stakes of HC are important in today’s economics, accounting, and sustainable development. The different conceptualizations of HC, and the narratives behind it, may have deep social and corporate implications. In this context, this analysis provides a conceptual, and practicable, framework to develop a more sustainable concept of HC and to enhance working conditions, internal business relations, integrated reporting. As an outcome of these ideas, this chapter also questions the standard corporate governance models.

This chapter gives an original perspective on HC, and in general on the concept of capital, combining an economic and an accounting analysis. It also develops a new way to report HC, using an innovative integrated accounting model, the TDL model.