Heritage assets and stewardship land should be capitalized at acquisition cost (or estimated acquisition cost) in the federal government's balance sheet.

Question

Quizplus · Accepted Answer

The existence of heritage assets and stewardship land is disclosed in the notes, without values. Heritage assets are government assets that have historical or natural significance-or cultural, educational, or artistic importance-such as the Washington Monument and the Declaration of Independence. The cost of these assets is either not determinable or not relevant to their significance. Stewardship land is land the government does not expect to use to meet its obligations.

Heritage Assets and Stewardship Land Should Be Capitalized at Acquisition