Heritage Asset Management
Heritage Asset Management introduction
Heritage plays an important role in promoting cultural diversity, social cohesion, reconciliation, peace and economic development and should therefore be considered a public good. Heritage Objects are diverse moveable objects which may be publicly and privately owned and could be found in homes, museums, churches, schools, government buildings and universities. Heritage objects range from the purely aesthetic, to the functional and even mundane. However, all heritage objects through time, grow in significance and are imbued with meaning throughout the course of their existence. Objects may hold increased significance due to their historical contexts, associations to events and figures of national importance, to technological innovation, natural and scientific interest and to cultural traditions and practices as they yield important information about who we are, where we come from and our development as a nation. Regardless of whether these heritage objects are in public or private ownership, they form part of what is defined as the National Estate of South Africa.
Features
GRAP 103 Compliance
Generally Recognised Accounting Practice (GRAP) 103, is an accounting standard that prescribes the uniform accounting standard for the classification and accounting of heritage assets and related disclosure requirements.
For museums and entities that are required to comply with this standard, the implementation of GRAP 103 has presented many challenges for practitioners who have traditionally been focused on collections management and preservation as opposed to financial reporting. Our services help to integrate the GRAP 103 concepts and requirements into museum practice and bridge the knowledge gap between the finance team and curators. Our team of specialists include Heritage Asset Management Specialist, Accountants and Valuators that work together to provide comprehensive support to you and your team to ensure that you meet your GRAP 103 compliance needs and achieve successful audit outcomes.
Our services include:
• GRAP 103 training
• Development of Accounting policies for heritage assets
• Development of Collections Management Policies
• Physical verification of heritage assets
• Compilation of Heritage Asset Registers
• Heritage Asset Valuations
• Financial Disclosure
• Audit support
Asset Verification System
Our standalone asset verification system supports the compilation of heritage asset registers to provide you with the audit evidence for financial disclosure and to ensure adequate control measures are in place to preserve the accuracy and completeness of your heritage asset registers.
The system capabilities include:
• Datasets that are uniquely defined for the various types of heritage assets including Natural History, Cultural History and Library Collections.
• Images and document uploads.
• Valuation data including value, date of valuation, valuation notes, valuator name, reasons for impairment etc
• Customised user access to the database based on permission levels.
• Management of donations
• Movement control
• Reporting
• Audit trails
Case Studies
Implementation of GRAP 103
Case study: Heritage Asset Management
Key industry: Museums
Client: Isiko Museums of South Africa, Ditsong Museums of South Africa, Robben Island Museum, Boer War Museum, KZN Museum, Nelson Mandela Museum, South African National Parks, South African Heritage Resource Agency, Msunduzi Museum, National Literary Museum
Project: Implementation of GRAP 103 for heritage asset management
Generally Recognised Accounting Practice (GRAP) 103, is an accounting standard that prescribes the uniform accounting standard for the classification and accounting of heritage assets and related disclosure requirements.
For museums and entities that are required to comply with this standard, the implementation of GRAP 103 has presented many challenges for practitioners who have traditionally been focused on collections management and preservation as opposed to financial reporting. Our services help to integrate the GRAP 103 concepts and requirements into museum practice and bridge the knowledge gap between the finance team and curators. Our team of specialists included Heritage Asset Management Specialist, Accountants and Valuators that work together to provide comprehensive support to our clients, ensuring that they meet the GRAP 103 compliance needs and achieve successful audit outcomes.
Our services included:
GRAP 103 training
Development of Accounting policies for heritage assets
Development of Collections Management Policies
Physical verification of heritage assets
Compilation of Heritage Asset Registers
Heritage Asset Valuations
Financial Disclosure
Audit support
