Mohamad Hafiz Rosli^1♣ and Amrizah Kamaluddin²

1Faculty of Accountancy, Universiti Teknologi MARA, Johor, Malaysia
²Faculty of Accountancy, Universiti Teknologi MARA, Selangor, Malaysia

ABSTRACT

The reporting of heritage assets (HA) has become relevant since the implementation of accrual accounting in the Malaysian public sector. The current disclosure requirements may not adequately capture HA significance and rarity. The research aimed to describe the issues and challenges faced in accounting for HA in line with the implementation of accrual accounting in the public sector. The study employed a qualitative approach, through face-to-face interviews with accountants and curator officers in a selected government department. The findings highlighted five emerging issues and challenges in reporting for HA including reporting issues, legislation, lack of accounting policies and reporting guidelines, expertise in the valuation of HA, and staff competency. Despite these issues and challenges, this entity had already reported its HA and has taken various initiatives to address the issues. This study contributes to the existing literature on HA accounting in Malaysia and supports the public accountability paradigm. Additionally, it provides input for policymakers and preparers to better prepare for HA reporting. While this study focussed on a single entity, future research could encompass additional government agencies for a comprehensive understanding of their reporting practices.

Keywords: Heritage Asset, Reporting, Disclosure, Recognition and Measurement, Accrual Accounting.

^♣Corresponding Author: Mohamad Hafiz Rosli; Faculty of Accountancy, Universiti Teknologi MARA Johor Branch, Segamat Campus, Johor, Malaysia; Email: This email address is being protected from spambots. You need JavaScript enabled to view it.; Tel:0173478776