Problematiche di redazione del bilancio di esercizio, di vigilanza e di revisione legale dei conti delle fondazioni per la gestione e la valorizzazione dei beni culturali e per la promozione delle attività culturali ex D.M. n. 491/2001

Heritage, cultural and community assets (HCA) are those assets that are held for the duration of their physical lives because of their unique cultural, historical, geographical, scientific, and/or environmental attributes. They assist holders of the assets to meet their objectives in regard to exhibition, education, research and preservation, all of which are directed at providing a cultural service to the community. In the context of this paper, heritage, cultural and community assets include, but are not limited to general collections in libraries, heritage collections in libraries, museum collections, art gallery collections, historical documents, historical monuments and heritage assets held in local authority trusts. The imposition of regulatory measures requiring public sector organizations to provide annual financial reports prepared on an accounting basis comparable to those for the private sector, and incorporated an obligation to disclose at economic values all assets held. For public benefit entities holding heritage, cultural and community assets (HCA), this reporting requirement has been particularly problematic, entailing substantive change to public accounting policy. The valuation of HCA will provide information to management and/or the public to allow them to: • have a complete picture of the financial value of the assets at a particular time; • make comparisons of changes in the financial value of the assets over time; • allocate new funds between different types of assets; • re-allocate resources to higher priority assets through the sale of existing low priority assets; and • develop appropriate internal management practices and procedures. To best achieve these purposes the financial information provided should be current. If an historical cost approach is used, no account is taken of specific or general price movements since purchase, comparability between financial statements is reduced and distortions may be introduced as to the value of components of the collections assets. Fair value is determined by reference to the best available market evidence. Where available, this should be based on the current market selling price for the same or a similar type of asset. However, many types of heritage and community assets are of a unique nature for which no market selling price can be observed or for which no relevant market exists. In these circumstances, the asset’s fair value can be estimated using an income or depreciated replacement cost approach. Where a heritage or community asset cannot be reliably measured it should not be recognised in the financial report. Instead, it should be disclosed in the notes to the financial report. The paper examines the annual financial reports prepared by the “Fondazioni per la gestione e la valorizzazione dei beni culturali e per la promozione delle attività culturali” according to D.M. n. 491/2001 issued by the Italian Ministero per i Beni e le Attività Culturali based on the Italian Civil Code and the national accounting standards (OIC national accounting principles).