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
          [log in to unmask]