Heratio Help Center article. Category: Heritage Accounting.
Heritage Asset Accounting
User Guide
Financial accounting and valuation management for heritage assets to meet government reporting standards (GRAP 103, FRS 102, GASB 34, PSAS).
Workflow Overview
Register Value Track Report Asset Asset Changes Compliance Classification Cost/Fair Movements Disclosure Recognition Value Impairment Asset Register What is Heritage Accounting?
HERITAGE ASSET ACCOUNTING Government and public institutions must account for heritage assets in their financial statements. This includes: • Recognition (recording on the books) • Measurement (determining value) • Disclosure (reporting requirements) Different countries have different standards: 🇿🇦 South Africa GRAP 103 🇬🇧 United Kingdom FRS 102 🇺🇸 United States GASB 34 🇨🇦 Canada PSAS 3150 How to Access
Option A: From a Record Option B: From Admin View Object Record Main Menu Click "More" menu Admin "Heritage Accounting" Heritage Accounting Financial Data Form Dashboard & Reports Part 1: Understanding Your Standard
Which Standard Applies?
Where is your institution? South United United Canada Other Africa Kingdom States GRAP FRS GASB PSAS IPSAS 103 102 34 3150 45 Key Differences Between Standards
REQUIREMENT GRAP 103 FRS 102 GASB 34 PSAS Must capitalise? Yes Choose Choose Choose Valuation Required Optional Optional Optional Depreciation Consider Optional Not req Not req Disclosure Detailed Detailed Detailed Detailed Financial year Apr-Mar Varies Jul-Jun Apr-Mar
Part 2: Asset Classification
Heritage Asset Classes
ASSET CLASSES 🎨 ART COLLECTIONS Paintings, sculptures, decorative arts 🏺 ARCHAEOLOGICAL Artefacts, excavation finds, antiquities 🏛️ HERITAGE BUILDINGS Historic structures, monuments 📚 ARCHIVES & MANUSCRIPTS Documents, records, rare books 🔬 SCIENTIFIC COLLECTIONS Natural history, specimens 🏆 DECORATIVE ARTS Furniture, ceramics, textiles 📷 PHOTOGRAPHS & FILM Visual media collections
Part 3: Recognition
Should the Asset be Recognised?
Can the asset be reliably measured? YES NO Will future benefits flow to the entity? Cannot be recognised - Disclose in notes YES NO RECOGNISE Do not on books recognise - May still Record disclose value Recognition Status
STATUS MEANING 🟢 Recognised Asset recorded in financial statements 🔴 Not Recognised Cannot be reliably measured 🟡 Pending Awaiting valuation or decision
Part 4: Valuation
Measurement Basis
MEASUREMENT OPTIONS 📊 COST MODEL Record at original cost Less accumulated depreciation Less impairment losses 💰 REVALUATION MODEL Record at fair value Revalue periodically Requires qualified valuer 📝 NOMINAL VALUE Record at R1 / £1 / $1 When cost unknown and can't value Common for donated items
Recording a Valuation
RECORD VALUATION Object: ABC/001/012 - Oil Painting 1890 Valuation Date: [ 15/01/2026 📅] Valuation Amount: [ R 250,000.00______] Valuation Method: [ Market Approach ] Market Approach Comparable Cost Approach sales Income Approach Expert Opinion Valuer Name: [Smith & Associates Fine Art___] Valuer Credentials: [Registered Valuer, SAIA #12345_] Next Valuation Due: [ 15/01/2031 📅] (5 years) Notes: [Comparable sales analysis. Similar works by artist ] [sold at auction for R200k-R300k in past 2 years. ] [ Cancel ] [ Save Valuation ] Valuation History
VALUATION HISTORY - Oil Painting 1890 Date Value Method Valuer 15 Jan 2026 R 250,000 Market Smith & Assoc 12 Feb 2021 R 180,000 Market Art Valuations 03 Jun 2016 R 120,000 Market Fine Art Experts 01 Jan 2010 R 75,000 Insurance Internal Movement: R 70,000 ( 38.9%) since last valuation
Part 5: Acquisition Methods
How Was the Asset Acquired?
ACQUISITION METHODS 💵 PURCHASE Bought with cash/budget Record at: Purchase price costs 🎁 DONATION Gift from donor Record at: Fair value at donation date 📜 BEQUEST Inherited through will Record at: Fair value at receipt 🔄 TRANSFER From another government entity Record at: Carrying amount of transferor 🔃 EXCHANGE Swapped for another asset Record at: Fair value given up 🔍 FOUND/DISCOVERED Archaeological finds, attic discoveries Record at: Fair value when found
Part 6: Impairment
What is Impairment?
IMPAIRMENT = When an asset loses value unexpectedly Examples: • Physical damage (fire, flood, theft) • Loss of cultural significance • Restrictions limiting use • Market value decline Original Value Impaired Value R100,000 R60,000 Impairment Loss: R40,000 (must be recorded) Record Impairment
RECORD IMPAIRMENT Object: ABC/003/007 - Bronze Sculpture Current Value: R 150,000 Impairment Date: [ 20/01/2026 📅] Reason: [ Physical Damage ] Physical Damage Theft/Loss Obsolescence Market Decline Restriction Added Recoverable Amount: [ R 90,000.00________] Impairment Loss: R 60,000 (auto-calculated) Description: [Sculpture fell during exhibition. Significant damage ] [to base and one arm. Conservation estimate R40,000. ] Evidence Attached: [📎 Condition Report.pdf] [📎 Conservation Quote.pdf] [ Cancel ] [ Record Loss ] Part 7: Movement Register
Track Asset Movements
MOVEMENT TYPES 📥 ACQUISITION Asset enters collection 📤 DISPOSAL Asset leaves collection 🔄 TRANSFER IN From another department 🔄 TRANSFER OUT To another department ↗️ REVALUATION UP Value increased ↘️ REVALUATION DOWN Value decreased ⬇️ IMPAIRMENT Value written down ⬆️ REVERSAL Impairment reversed
Movement Register View
MOVEMENT REGISTER - Financial Year 2025/26 Opening Balance (1 Apr 2025): R 45,250,000 Date Type Asset Amount 15 Apr 25 Acquisition Painting 250,000 22 May 25 Revaluation Sculpture 50,000 03 Jul 25 Disposal Print - 15,000 18 Sep 25 Impairment Textile - 30,000 20 Jan 26 Impairment Bronze - 60,000 28 Feb 26 Transfer In Archive 100,000 Net Movement: R 295,000 Closing Balance (31 Mar 2026): R 45,545,000 Part 8: Reports
Available Reports
FINANCIAL REPORTS 📋 ASSET REGISTER Complete list of all heritage assets with values 📊 DISCLOSURE NOTE GRAP 103 / FRS 102 compliant disclosure Ready for annual financial statements 📈 VALUATION SCHEDULE Assets due for revaluation Last valued more than 5 years ago 🛡️ INSURANCE REPORT Insurance values and policy expiry dates ✅ COMPLIANCE CHECK Percentage of assets meeting requirements Missing data identification 📉 MOVEMENT SUMMARY Year-on-year value changes Reconciliation report
Generate Disclosure Note
GENERATE DISCLOSURE NOTE Standard: [ GRAP 103 ] Financial Year: [ 2025/26 (Apr-Mar) ] Include: ☑ Asset class breakdown ☑ Movement reconciliation ☑ Valuation summary ☑ Recognition status ☐ Individual asset listing Format: ○ PDF ● Excel ○ Word [ Cancel ] [ Generate ] Sample Disclosure Output
HERITAGE ASSETS DISCLOSURE NOTE For the year ended 31 March 2026 Accounting Policy: Heritage assets are recognised at fair value where reliably measurable, otherwise at nominal value of R1. Assets are revalued every 5 years by qualified valuers. Asset Class 2025/26 2024/25 Art Collections R 12,500,000 R 11,800,000 Archaeological R 8,200,000 R 8,200,000 Archives R 15,000,000 R 14,500,000 Decorative Arts R 5,845,000 R 5,750,000 Scientific R 4,000,000 R 4,000,000 TOTAL R 45,545,000 R 44,250,000 Movement Reconciliation: Opening balance R 44,250,000 Acquisitions R 350,000 Revaluations R 50,000 Disposals R (15,000) Impairments R (90,000) Transfers in R 1,000,000 Closing balance R 45,545,000
Quick Reference
TASK HOW TO DO IT Add financial data Record More Heritage Acct Record valuation Financial tab New Valuation Record impairment Financial tab Impairment View asset register Admin Heritage Register Generate disclosure Admin Heritage Reports Check compliance Admin Heritage Compliance View movements Admin Heritage Movements Export data Any report Export button Tips for Best Practice
✓ DO ✗ DON'T Use qualified valuers Guess at values Keep valuation evidence Backdate valuations Revalue every 3-5 years Let valuations lapse Record all acquisitions Skip donated items Document impairments Ignore damage Reconcile annually Wait until audit Match your country's standard Mix standards
South African Financial Year
SA Government Financial Year: 1 April to 31 March Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Financial Year 2025/26 Key Dates: • 1 April - Year start • 30 June - Q1 reporting • 31 October - Mid-year review • 31 March - Year end • 31 May - AFS submission deadline
Part 9: CLI Commands (System Administrators)
For system administrators, the plugin provides command-line tools for installation and regional configuration.
Installation Commands
INSTALL HERITAGE ACCOUNTING Install core schema only: $ php artisan ahg:heritage-install Install with a specific region: $ php artisan ahg:heritage-install region=africa_ipsas Install with multiple regions: $ php artisan ahg:heritage-install region=africa_ipsas,uk_frs Install with ALL regions: $ php artisan ahg:heritage-install all-regions
Region Management Commands
MANAGE REGIONS List all available regions: $ php artisan ahg:heritage-region Install a region: $ php artisan ahg:heritage-region install=africa_ipsas Uninstall a region: $ php artisan ahg:heritage-region uninstall=uk_frs Set active region globally: $ php artisan ahg:heritage-region set-active=africa_ipsas Deactivate a region: $ php artisan ahg:heritage-region set-inactive=africa_ipsas View region details: $ php artisan ahg:heritage-region info=africa_ipsas
Available Regions
CODE DESCRIPTION africa_ipsas Africa (IPSAS 45) Zimbabwe, Kenya, Nigeria, Ghana south_africa_grap South Africa (GRAP 103) National Treasury compliance uk_frs United Kingdom (FRS 102) Charity Commission SORP usa_government USA Government (GASB 34) State and local governments usa_nonprofit USA Non-Profit (FASB 958) Museums, galleries australia_nz Australia/NZ (AASB 116) AASB compliance canada_psas Canada (PSAS 3150) Public accounts international_private International Private (IAS 16) Private sector compliance
Region Output Example
$ php artisan ahg:heritage-region
=== Heritage Accounting Regions ===
Available Regions:
Code Name Status Countries
----------------------------------------------------------------------------------------------------
africa_ipsas Africa (IPSAS 45) [INSTALLED] Zimbabwe, Kenya, Nigeria...
south_africa_grap South Africa (GRAP 103) [not installed]
uk_frs United Kingdom (FRS 102) [not installed]
usa_government USA Government (GASB 34) [not installed]
...
To install a region: php artisan ahg:heritage-region --install=<region_code>
To see region details: php artisan ahg:heritage-region --info=<region_code>
Troubleshooting
Problem Solution Can't find Heritage Accounting Check Admin menu May need admin permission Value not saving Check currency format Remove currency symbol Wrong financial year Check system date setting Select correct year in report Report won't generate Reduce date range Check assets have values Compliance % low Review missing data report Complete required fields Need Help?
Contact your system administrator if you experience issues.
For accounting standards:
Part of the Heratio AHG Framework
