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HERITAGE ASSETS IN MALAYSIA: PERSPECTIVES OF MALAYSIAN GOVERNMENT AGENCIES
Corresponding Author(s) : Mohamad Hafiz Rosli
Humanities & Social Sciences Reviews,
Vol. 8 No. 2 (2020): March
Abstract
Purpose: This study discovered how the government agencies in responding to the accounting for HA, particularly the valuation and disclosure aspect of it.
Methodology: This study adopted a semi-structured face-to-face interview for data collection. Two government departments were identified as these departments have unique, special, and rare assets as compared to other government departments.
Main Results: Their perspective towards accounting for HA revealed that they were ready for HA valuation and in the process to recognize and value their HA. On top of that, policymakers needed to provide clear accounting guidelines and strengthen the recognition and measurement process, as well as the disclosure part of HA. Other factors, such as lack of technical knowledge and understanding among the factors could lead to the distortion of the accounting process. The agencies perceived that recognizing HA and disclosing it is important for public knowledge and the exposure towards the valuable national HA.
Implications: The finding of this study contributed to the existing literature on HA and could be the guideline to policymakers and preparers of public sector financial statements.
Keywords
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- Accountant General’s Department of Malaysia (2018) Interpretation of Accounting Policies Revised February 2018. Retrieved from https://www2.anm.gov.my/PublishingImages/SitePages/Polisi%20Perakaunan %20Akruan/Interpret %20%20of%20acc%20policy_Revised%20Feb%202018.pdf
- Accountant General’s Department of Malaysia (2018) SPANM BIL 11/2017 Polisi Peralihan Pelaksanaan Perakaunan Akruan Kerajaan. Retrieved from http://www.anm.gov.my/index.php/arkib-berita-2018-main-1/4210-spanm-bil-11-2017-polisi-peralihan-pelaksanaan-perakaunan-akruan-kerajaan
- Adam, B., Mussari, R., & Jones, R. (2011). The diversity of accrual policies in local government financial reporting: an examination of infrastructure, art and heritage assets in Germany, Italy and the UK. Financial Accountability & Management, 27(2), 107-133. https://doi.org/10.1111/j.1468-0408.2011.00519.x DOI: https://doi.org/10.1111/j.1468-0408.2011.00519.x
- Aversano, N., & Christiaens, J. (2014). Governmental financial reporting of heritage assets from a user needs perspective. Financial Accountability & Management, 30(2), 150-174. https://doi.org/10.1111/faam.12032 DOI: https://doi.org/10.1111/faam.12032
- Aversano, N., Christiaens, J., & Van Thielen, T. (2019). Does IPSAS meet heritage assets’ user needs? International Journal of Public Administration, 42(4), 279-288. https://doi.org/10.1080/01900692.2018.1433205 DOI: https://doi.org/10.1080/01900692.2018.1433205
- Aversano, N., Christiaens, J., Polcini, P. T., &Sannino, G. (2019). Accounting for heritage assets. International Journal of Public Sector Management. https://doi.org/10.1108/IJPSM-12-2018-0275 DOI: https://doi.org/10.1108/IJPSM-12-2018-0275
- Aversano, N., Ferrone, C., Christiaens, J., Sannin o, G., &Polcini, P. (2015). Heritage assets in local government financial reporting: the analysis of two case studies. Journal of Economy, Business and Financing, 3(1), 35-46.
- Bambagiotti-Albert, L., Manetti, G., &Sibilio-Parri, B. (2016). The quality of annual reporting by Italian museums: An international comparison. International Journal of Public Administration, 39(14), 1159–1170. https://doi.org/10.1080/01900692.2015.1070361 DOI: https://doi.org/10.1080/01900692.2015.1070361
- Barton, A. (2005). The conceptual arguments concerning accounting for public heritage assets: A note. Accounting, Auditing & Accountability Journal, 18(3), 434-440. https://doi.org/10.1108/09513570510600774 DOI: https://doi.org/10.1108/09513570510600774
- Barton, A.D. (2000). Accounting for public heritage facilities – assets or liabilities of the government? Accounting, Auditing & Accountability Journal, 13(2), 219-236. https://doi.org/10.1108/09513570010323434 DOI: https://doi.org/10.1108/09513570010323434
- Basnan, N., Salleh, M. F. M., Ahmad, A., Harun, A. M., &Upawi, I. (2015). Challenges in accounting for heritage assets and the way forward: Towards implementing accrual accounting in Malaysia. Geografia-Malaysian Journal of Society and Space, 11(11).
- Carnegie, G. D., & Wolnizer, P. W. (1995). The financial value of cultural, heritage and scientific collections: An accounting fiction. Australian Accounting Review, 5(1), 31–47. https://doi.org/10.1111/j.1835-2561.1995.tb00164.x DOI: https://doi.org/10.1111/j.1835-2561.1995.tb00164.x
- Creswell, J. W., & Creswell, J. D. (2018). Research Design: Qualitative, Quantitative, and Mixed Methods Approaches. Fifth edition. Sage publication.
- Hooper, K., Kearins, K., & Green, R. (2005). Knowing “the price of everything and the value of nothingâ€: Accounting for heritage assets. Accounting, Auditing & Accountability Journal, 18(3), 410-433. https://doi.org/10.1108/09513570510600765 DOI: https://doi.org/10.1108/09513570510600765
- IPSASB. (, 2014). Conceptual framework for general purpose financial reporting by public sector entities. New York, NY: IFAC.
- Mack, J., & Ryan, C. (2004). An empirical investigation of users of the general purpose financial reports Australian government departments. Asia Pacific Interdisciplinary Research in Accounting Conference 4 to 6 July 2004 Singapore.
- MPSAS 17 Property, Plant and Equipment (2013) Malaysia: Accountant General’s Department of Malaysia. Retrieved from https://www2.anm.gov.my/PublishingImages/SitePages/Malaysia%20Public%20Sector% 20Accounting%20Stan dard/MPSAS%2017%20(ED3)_Final_v1.2_27.07.15.pdf
- MPSAS 31 Intangible Asset (2014) Malaysia: Accountant General’s Department of Malaysia. Retrieved from https://www2.anm.gov.my/PublishingImages/SitePages/Malaysia%20Public%20Sector%20Accounting%20Standard/MPSAS%2031%20Intangible%20Asset_v.1.2_17.09.15.pdf
- National Achieves of Malaysia (2019a) History of National Archives. Retrieved from http://www2.arkib.gov.my/english/sejarah.html
- National Achieves of Malaysia (2019b) Listing of National Heritage
- National Art Gallery of Malaysia (2019a) History of NVADB. Retrieved from http://www.artgallery.gov.my/?page_id=3740&lang=en
- National Art Gallery of Malaysia (2019b) Listing of National Heritage.
- National Heritage Act 2005 Act 645 (2005). Malaysia: The Commissioner of Law Revision, Malaysia
- National Heritage Department (2019). DaftarWarisanSistemAsetWarisan Malaysia.
- Nor Laili Hassan, NatrahSaad, HalimahNasibah Ahmad, Mohammed Suhaimi Mohammed Salleh, Mohamad Sharofi Ismail (2016). The Accounting Practices of Heritage Assets. International Journal of Economics and Financial Issues, 2016, 6(S6) 80-83. ISSN: 2146-4138.
- Osborne, S. (2010). The new public governance? Emerging perspectives on the theory and practice of public governance. London, UK: Routledge. https://doi.org/10.4324/9780203861684 DOI: https://doi.org/10.4324/9780203861684
- Rosli, M. B., Hasbolah, F. B., &Yahya, N. F. B. (2019). Accounting for Heritage Assets: Issues and Challenges in Malaysia. International Journal of Innovation, Creativity and Change, 6(9), 231-244.
- UNESCO (2019). Convention Concerning the Protection of the World Cultural and Natural Heritage.
References
Accountant General’s Department of Malaysia (2018) Interpretation of Accounting Policies Revised February 2018. Retrieved from https://www2.anm.gov.my/PublishingImages/SitePages/Polisi%20Perakaunan %20Akruan/Interpret %20%20of%20acc%20policy_Revised%20Feb%202018.pdf
Accountant General’s Department of Malaysia (2018) SPANM BIL 11/2017 Polisi Peralihan Pelaksanaan Perakaunan Akruan Kerajaan. Retrieved from http://www.anm.gov.my/index.php/arkib-berita-2018-main-1/4210-spanm-bil-11-2017-polisi-peralihan-pelaksanaan-perakaunan-akruan-kerajaan
Adam, B., Mussari, R., & Jones, R. (2011). The diversity of accrual policies in local government financial reporting: an examination of infrastructure, art and heritage assets in Germany, Italy and the UK. Financial Accountability & Management, 27(2), 107-133. https://doi.org/10.1111/j.1468-0408.2011.00519.x DOI: https://doi.org/10.1111/j.1468-0408.2011.00519.x
Aversano, N., & Christiaens, J. (2014). Governmental financial reporting of heritage assets from a user needs perspective. Financial Accountability & Management, 30(2), 150-174. https://doi.org/10.1111/faam.12032 DOI: https://doi.org/10.1111/faam.12032
Aversano, N., Christiaens, J., & Van Thielen, T. (2019). Does IPSAS meet heritage assets’ user needs? International Journal of Public Administration, 42(4), 279-288. https://doi.org/10.1080/01900692.2018.1433205 DOI: https://doi.org/10.1080/01900692.2018.1433205
Aversano, N., Christiaens, J., Polcini, P. T., &Sannino, G. (2019). Accounting for heritage assets. International Journal of Public Sector Management. https://doi.org/10.1108/IJPSM-12-2018-0275 DOI: https://doi.org/10.1108/IJPSM-12-2018-0275
Aversano, N., Ferrone, C., Christiaens, J., Sannin o, G., &Polcini, P. (2015). Heritage assets in local government financial reporting: the analysis of two case studies. Journal of Economy, Business and Financing, 3(1), 35-46.
Bambagiotti-Albert, L., Manetti, G., &Sibilio-Parri, B. (2016). The quality of annual reporting by Italian museums: An international comparison. International Journal of Public Administration, 39(14), 1159–1170. https://doi.org/10.1080/01900692.2015.1070361 DOI: https://doi.org/10.1080/01900692.2015.1070361
Barton, A. (2005). The conceptual arguments concerning accounting for public heritage assets: A note. Accounting, Auditing & Accountability Journal, 18(3), 434-440. https://doi.org/10.1108/09513570510600774 DOI: https://doi.org/10.1108/09513570510600774
Barton, A.D. (2000). Accounting for public heritage facilities – assets or liabilities of the government? Accounting, Auditing & Accountability Journal, 13(2), 219-236. https://doi.org/10.1108/09513570010323434 DOI: https://doi.org/10.1108/09513570010323434
Basnan, N., Salleh, M. F. M., Ahmad, A., Harun, A. M., &Upawi, I. (2015). Challenges in accounting for heritage assets and the way forward: Towards implementing accrual accounting in Malaysia. Geografia-Malaysian Journal of Society and Space, 11(11).
Carnegie, G. D., & Wolnizer, P. W. (1995). The financial value of cultural, heritage and scientific collections: An accounting fiction. Australian Accounting Review, 5(1), 31–47. https://doi.org/10.1111/j.1835-2561.1995.tb00164.x DOI: https://doi.org/10.1111/j.1835-2561.1995.tb00164.x
Creswell, J. W., & Creswell, J. D. (2018). Research Design: Qualitative, Quantitative, and Mixed Methods Approaches. Fifth edition. Sage publication.
Hooper, K., Kearins, K., & Green, R. (2005). Knowing “the price of everything and the value of nothingâ€: Accounting for heritage assets. Accounting, Auditing & Accountability Journal, 18(3), 410-433. https://doi.org/10.1108/09513570510600765 DOI: https://doi.org/10.1108/09513570510600765
IPSASB. (, 2014). Conceptual framework for general purpose financial reporting by public sector entities. New York, NY: IFAC.
Mack, J., & Ryan, C. (2004). An empirical investigation of users of the general purpose financial reports Australian government departments. Asia Pacific Interdisciplinary Research in Accounting Conference 4 to 6 July 2004 Singapore.
MPSAS 17 Property, Plant and Equipment (2013) Malaysia: Accountant General’s Department of Malaysia. Retrieved from https://www2.anm.gov.my/PublishingImages/SitePages/Malaysia%20Public%20Sector% 20Accounting%20Stan dard/MPSAS%2017%20(ED3)_Final_v1.2_27.07.15.pdf
MPSAS 31 Intangible Asset (2014) Malaysia: Accountant General’s Department of Malaysia. Retrieved from https://www2.anm.gov.my/PublishingImages/SitePages/Malaysia%20Public%20Sector%20Accounting%20Standard/MPSAS%2031%20Intangible%20Asset_v.1.2_17.09.15.pdf
National Achieves of Malaysia (2019a) History of National Archives. Retrieved from http://www2.arkib.gov.my/english/sejarah.html
National Achieves of Malaysia (2019b) Listing of National Heritage
National Art Gallery of Malaysia (2019a) History of NVADB. Retrieved from http://www.artgallery.gov.my/?page_id=3740&lang=en
National Art Gallery of Malaysia (2019b) Listing of National Heritage.
National Heritage Act 2005 Act 645 (2005). Malaysia: The Commissioner of Law Revision, Malaysia
National Heritage Department (2019). DaftarWarisanSistemAsetWarisan Malaysia.
Nor Laili Hassan, NatrahSaad, HalimahNasibah Ahmad, Mohammed Suhaimi Mohammed Salleh, Mohamad Sharofi Ismail (2016). The Accounting Practices of Heritage Assets. International Journal of Economics and Financial Issues, 2016, 6(S6) 80-83. ISSN: 2146-4138.
Osborne, S. (2010). The new public governance? Emerging perspectives on the theory and practice of public governance. London, UK: Routledge. https://doi.org/10.4324/9780203861684 DOI: https://doi.org/10.4324/9780203861684
Rosli, M. B., Hasbolah, F. B., &Yahya, N. F. B. (2019). Accounting for Heritage Assets: Issues and Challenges in Malaysia. International Journal of Innovation, Creativity and Change, 6(9), 231-244.
UNESCO (2019). Convention Concerning the Protection of the World Cultural and Natural Heritage.