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Date: | Wed, 7 Feb 1996 10:47:04 -0500 |
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On Tue, 6 Feb 1996, Diane Brenner wrote:
> We seem to suddenly be faced with Internal Audit deciding that our
> collecions ought to be listed on the books as assets...
Diane:
You need to get a copy of the Financial Accounting Standards Board's
document "Accounting for Contributions Received and Contributions Made."
You can reach FASB at:
Order Department
FASB
401 Merritt 7
PO Box 5116
Norwalk, CT 06856-5116
The gist is FASB originally proposed to require capitalization of
collections but relented after realizing the scope and cost of such a
task as well as the ethical considerations implicit in treating permanent
collections as disposable assets.
FASB now says that collections do not have to be capitalized if the
museum subscribes to a collection policy that requires use of proceeds
from deaccessioning for new acquisitions or direct care.
Questions on this issue should be directed to Jerrold Kappel, AAM
Director of Development. You can reach him at 202-289-1818, ext. 27.
Andy Finch
[log in to unmask]
AAM Government Affairs
usual disclaimers, especially on subject as touchy as ethics and
deaccessioning.
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