Read the following extract by Helen Tyzack: Museum and art gallery annual general-purpose financial reports may amount to misrepresentations if they include heritage and art collections that are not assets, as defined by the Australian Accounting Standards. The Australian accounting profession defined asset in the conceptual framework so that when financial reports are prepared, only those things that meet the requirements can be included. There are two decisions: definition and recognition by valuation. Defining an asset …..Accountants know that an asset is a representation of 'future economic benefits' that must be accruing to the organization that prepares the financial reports. That is, for the purposes of the financial reports, any argument that there will be 'future economic benefits' to the community at large is irrelevant. Certainly, public heritage collections have a number of future benefits for individuals and the community generally, but is there any future economic benefit deriving from the collections which is economic to the museum? The 'future economic benefits'….are the income received from admission fees, other use pays fees, grants and sponsorship. However, these are discounted for various reasons, including the fact that the value of the receipts is a minimum and variable measure of the benefits flowing from the overall operation of a museum. The collections do not generate museums' net revenues – rather, it is a package of services offered by a museum or gallery that is the chief generator. Even if a museum can argue that its collections are representations of 'future economic benefits' as per the definitions in the accounting standards, the question of whether it is probable that the 'future economic benefits' will eventuate must be asked. If museums can find any 'future economic benefits', can they list the 'future economic benefits' of their collections with any degree of certainty? Is it valid to use current or past data to provide evidence of a future benefit? Can conjecture be evidence? No, of course not. Yet this is what the accounting profession seems to be encouraging as a result of the writing of the conceptual framework and accounting standards……. Required: Discuss whether museum and art collections should be recognized as assets on the statement of financial position of a public museum. Do you agree with Tyzack? Why or why not? Detailed guidelines for completing this task: 1. Contents When considering what to include in your essay: • Address key issue raised in the article above, i.e. if museum and art collections should be recognised in public museum's books? • Consider the information you need in arriving at the decision above. For example, assets' characteristics? Recognition criteria? Measurement and valuation principles? Etc, etc. You need to make a decision as to the depth and width of these issues identified, that should help in leading to a conclusion later. Your discussion should refer to AASB's conceptual framework or any accounting standards as appropriate. • Consider other scholars' views on the matter - do a quick literature search on who had said something about this matter and what had been said? • Clearly convey your views on whether you agree with Tyzack's view. 2. Format and presentation The following points should be observed: • Use double-spaced or 1½ line spacing. • Use a font size of 12, , either Times New Roman, or Arial. • Each page should be numbered in one continuous sequence. Your last name and student ID should be included at the top of each page. • Insert the count of words at the end of your essay, but before the reference list. If you need some guidance in how to write an essay, you may consult Charles Sturt University's ALLaN Adviser Support. 3. Referencing system A reference list should be provided following the essay (reference list and appendix if any, will not count towards the word limit), using the APA referencing style. In-text citations must also be provided. Essays submitted without a reference list will not be accepted or marked. Pay particular attention to how you should do citation within text, especially if you do quotation. Failing to provide proper citation poses risks forplagiarism. Any essay that poses risks for plagiarism may be rewarded zero [for example, copy and paste from any other sources (or even current or past students) without any acknowledgement made].