Challenges in accounting for heritage assets and the way forward: towards implementing accrual accounting in Malaysia
Improved reporting is a vital instrument to better discharge a government's accountability obligations, a trait crucial to a government’s integrity. The Federal Government of Malaysia’s announcement to shift from modified cash to accrual-based accounting can be seen as an effort to improve go...
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| Main Authors: | , , , , |
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| Format: | Article |
| Language: | English |
| Published: |
Faculty of Social Sciences and Humanities, UKM,Bangi
2015
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| Online Access: | http://journalarticle.ukm.my/9543/1/7x.geografia-okt15-norida-bi-edam.pdf http://journalarticle.ukm.my/9543/ http://www.ukm.my/geografia/v2/index.php?cont=a&item=2&thn=2015&vol=11&issue=11&ver=loc |
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| Summary: | Improved reporting is a vital instrument to better discharge a government's accountability obligations, a trait crucial
to a government’s integrity. The Federal Government of Malaysia’s announcement to shift from modified cash to
accrual-based accounting can be seen as an effort to improve governmental reporting. This study examines the
challenges facing the government in accounting for heritage assets with its shift to accrual accounting. Primary data
were collected via interviews with representatives of one ministry and two relevant government departments. The
study found that the major challenges in accounting for heritage assets were related to recognition and measurement
as well as in the aspects of asset registry and staff competency. The findings and recommendations may assist the
government in identifying specific measures to ensure the successful implementation of accrual-based accounting. |
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