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Question: Critically consider asset recognition and measurement drawing on: • t

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Critically consider asset recognition and measurement drawing on:
• the accounting policy for property held by a chosen FTSE 350 company; and the • recognition and measurement of a specific heritage asset held by a UK public
sector organisation consolidated in Whole of Government Accounts. Should your chosen heritage asset be included in the financial statements?
The Brief
The essay should consider the problems of recognition and measurement for Property held for commercial purposes by the FTSE company and your chosen heritage asset held by the public service entity. Both organisations will be subject to IFRS accounting requirements either directly or as modified for public services. You should show an awareness of both accounting regulatory requirements and wider academic debate and insights. Support your arguments with illustrations from the most recent annual financial reports of the FTSE 350 company and the UK public sector body.
In the UK, large listed companies have used IFRS in the preparation of consolidated financial statements and reports since 2005. IFRS, with minimum modifications for a public sector context, has been applied since 2010 across central government bodies, the National Health Service and local authorities together with many other bodies such as museums and galleries that are consolidated into Whole of Government Accounts (WGA). IFRS determines when assets are recognised and measured. Measurement of non-current assets is a contentious area; IFRS can require specific or permit different measurement bases in company annual reports. There has been a long-standing international academic debate about whether government and public sector bodies should prepare their annual financial statements and reports according to accounting frameworks and standards designed for commercial entities. There is also a more specific debate in relation to recognition and measurement of heritage assets.
You are to submit an essay addressing the assignment question (maximum 3,000 words).
You should choose and clearly identify a UK heritage asset and you should use the most recent annual reports of both a FTSE 350 company and a UK entity consolidated in WGA (that holds your chosen heritage asset) to illustrate and support your arguments. You should refer to the 2018 IFRS Conceptual Framework for Financial Reporting in your essay and cite relevant academic literature.
It is very important that you reference your work. References in the body of the essay should be given as (Fenwick, 2015); or (Gibbons and Parker, 2014); or (Hartley et al., 2013) if there are three or more authors. References should be listed alphabetically at the end of the essay using a consistent style, such as follows:
To a journal:
Fenwick, J. (2015), The problem of sub-national government in England. Public Money & Management, 35, 1, pp. 7-14.
To a book:
Parker, D. (2009), The Official History of Privatization (Routledge).
To a work published online only, the website URL should be given and the date accessed.
Note, it is important that a reader can access the referenced material, references to journal articles should include full details (issue, volume etc.), the publisher of books (or accounting documents) should be identified.

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