Wednesday, November 12, 2008

Heritage to be 'valued' under new bookkeeping

NEW DELHI: Fancy buying the Taj Mahal or the Qutab Minar for Re 1? Well, that could be the price the gov government may assign to most heritage structures when it switches to a more transparent system of accounting its assets and liabilities over the next two-three years.

The government is finalizing a road map to move to a system of “accrual-based accounting” from the current cash-based accounting system to better reflect the nation’s assets and liabilities in its annual financial statement. The new system is meant to capture some of the government’s liabilities and assets that now find no mention in the annual budget.

One key aspect of the proposed accrual based accounting system is to include national assets through a process called “heritage accounting” . Under this system, historic monuments , museums and paintings will find mention in the government’s statement, but its treatment may be different from other commercial assets.

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