Public Preservation Of Public Heritage Assets

1006 Words5 Pages
Public heritage assets must be accounted as assets of the nation and managed by the government. As they are trust assets they must be accounted separately from the administration assets of the government. Public heritage assets platy a big role in developing one’s nation culture. It helps in uniting citizens closer together and make them feel pride and appreciate their culture and history. The charters tics of the public heritage assets in respect of their purposes are different than the private assets. Those assets are maintained for social purposes and objectives rather than generating revenue. They are funded by the government through tax revenues and donations. They are always maintained in good condition to entertain the current…show more content…
So, this would generate export income and this subsidies economic benefits. (the decision on whether PHA should be provided is based on political decisions.) The definition of an asset requires an asset to have a future economic benefit. The future economic benefits must be able to be measured in financial terms. There are two methods in measuring one’s asset financial benefits; either by the services generated from the asset or by the value of resale of an asset. The public heritage asset role is to satisfy social needs and benefits and it’s not possible to measure them in financial terms. In terms of resource allocation theory, it’s not efficient to charge prices higher than the marginal cost. Another method of valuating the economic benefit of an asset is through their resale. Governments are prohibited from selling these assets. These decisions must be made by a minister or by the parliament. It’s so rare an occasion like that to happen because this involves changes in government policies. Another requirement for the definition of an asset is that it requires an owner to control the assets and obtain economic benefits from its use; there must be ownership. By owning an asset it gives the owner the privilege to cut costs against benefits to generate profits. In the case of public heritage assets, the benefits are for all the public as whole and not to the government as an owner. The use of these assets doesn’t give exclusive
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