New accounting disclosures for charities holding heritage assets have been introduced, which will require information about the nature and scale of assets held and policies for their acquisition, preservation, management and disposal.

The Accounting Standards Board has published Financial Reporting Standard 30: Heritage Assets, which will apply to accounting periods beginning on or after 1 April 2010.

The standard will also require information about public access to heritage assets.

In a statement, the Charity Commission said: “The basic recognition and valuation principles put forward by the new standard are the same as those in the Sorp.

“Like the Sorp, the new standard recognises that in some cases valuation and the inclusion of heritage assets in the balance sheet may not be practicable.”

The new standard applies to charities preparing accrual accounts but not unincorporated charities preparing receipts and payments accounts.

The Sorp Committee has prepared an information sheet explaining the required disclosures. 

Pictured: Seaton Delaval Hall. Credit: Phil Lindsay