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Wed, 22 Jun 1994 10:28:18 AEST |
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Currently, a concern of this Museum (Australian Museum,
Sydney, Australia) relates to valuing and bringing to
account a valuation of the collections for accounting
purposes.
We are mainly a natural history museum with a very large
part of the collection collected through fieldwork, and
apart from it's scientific uses, is unlikely to have any
commercial value whatsoever.
However, there are many items, particularly in our
Anthropology and Minerals areas which could have very high
values if placed on the open market. The key point is that
these items are not acquired for monetray, but for
scientific purposes.
The government requires us to place a valuation on our
collections just for the balance sheet, however, the
Museum's insurance company does not require this. It is our
understanding that this issue has been widely debated in the
US, and that the requirement to value collections is no
longer being pursued. Could this be confirmed?
We would also appreciate any references to any publication
that you may be aware of on these issues, and the resulting
official position of the FASB?
Any advice gratefully received - directly or via the list.
Lynda Kelly, Australian Museum, Sydney
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