Write a one page answer for each question. In doing so correctly reference any sources you use,...

Question

Write a one page answer for each question. In doing so correctly reference any sources you use, including the Elwood and Greenwood XXXXXXXXXXarticle. Your answer should be loaded onto the Assessment 2 link on the ACCY111 Moodle site.

1) What are the unique attributes of a heritage asset? Refering to the examples of the four poster pictures below, discuss whether or not these attributes fit the general accounting definition of an asset.
2) Ellwood and Greenwood XXXXXXXXXXargue that by measuring the economic value of heritage assets, we affect their cultural value. Using examples from the paper and others of your own, explain what is meant by this argument.

Starry Night by Vincent Van Gogh.

The Rosetta Stone

Sydney Harbour Bridge

Blue Mountains National Park, Australia.

Reference List.
Ellwood and Greenwood (2016)“Accounting for heritage assets: Does measuring economic value

‘kill the cat’?”Critical Perspectives on Accounting, 38, 1-13.

https://www.google.com.au/search?q=FLICKR+opera+house&client=firefox-b- ab&tbm=isch&imgil=0VYKCvr7I_0DWM%253A%253BvClH98Yhyfj1BM%253Bhttps%25253A%25252F %25252Fwww.flickr.com%25252Fphotos%25252Fnickimm%25252F XXXXXXXXXX&source=iu&pf=m &fir=0VYKCvr7I_0DWM%253A%252CvClH98Yhyfj1BM%252C_&usg=__IcqL0Zm6o85tFnKZ7Ah2R5gZ bbA%3D&ved=0ahUKEwi02LL3mqDTAhXIFJQKHdBNAhYQyjcINg&ei=3MruWLT6JMip0ATQm4mwAQ &biw=1266&bih=551#imgrc=kVn_Tk1MT21tNM: https://www.google.com.au/search?q=FLICKR+Mona+Lisa&client=firefox-b- ab&tbm=isch&imgil=VVGvf_C0h0yM1M%253A%253Bd-a_M- kzfhVe8M%253Bhttps%25253A%25252F%25252Fwww.flickr.com%25252Fphotos%25252Fscripture perfect%25252F XXXXXXXXXX&source=iu&pf=m&fir=VVGvf_C0h0yM1M%253A%252Cd-a_M- kzfhVe8M%252C_&usg=__AvYqZn99fs65XJXn4fskRByFwjU%3D&ved=0ahUKEwig07THm6DTAhUFGZ QKHf8dBkYQyjcIPA&ei=hMvuWKCBGYWy0AT_u5iwBA&biw=1266&bih=551#tbm=isch&q=FLICKR+St arry+Night+Van+Gogh&imgrc=rw8zMILqH6AAdM:

https://commons.wikimedia.org/wiki/File:Sydney_harbour_bridge_new_south_wales.jpg

https://www.google.com.au/search?q=flickr+blue+mountains+Australia&client=firefox-b- ab&source=lnms&tbm=isch&sa=X&ved=0ahUKEwjFvuz8sKDTAhWLI5QKHRzxCZcQ_AUIBigB&biw=12 66&bih=551

Robert · Accepted Answer

1) What are the unique attributes of a heritage asset? Refering to the examples of the 
four poster pictures below, discuss whether or not these attributes fit the general 
accounting definition of an asset. 
There are certain attributes of a heritage asset that must be taken into account while 
evaluating the value of a heritage asset. It must be noted that tangible or intangible cultural 
heritages are valuable human assets from the social, cultural, and academic perspectives. But 
such assets (primarily the tangible heritage assets) have immense financial value and this 
attribute makes them so much important in the field of financial transactions and accounting. 
In this respect it must be noted that “Recent changes in accounting directives for heritage 
assets held by government, local authorities and charities in the UK required their recognition 
in the financial statements and the measurement of their economic value. Subsequently, 
numerous sales of heritage assets by local authorities have occurred” (Ellwood & 
Greenwood, 2016). This is in indication to the fact that heritage assets have one primary 
attribute – they are financially valuable and are also important from the perspective of 
accountancy. Another important attribute of heritage assets is that, they have economic values 
along with having social and cultural values.  
In general accounting,

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