Accounting for heritage: a structured literature review

IMPACTThis article will be of value to senior and middle-level public sector accountants, auditors, standard setters, asset managers, and to managers in museums and cultural institutions who are involved in heritage asset reporting. Its contribution is to consolidate and systematize the fragmented academic literature on heritage accounting, showing how the debate has evolved over three decades and where significant issues remain. By mapping dominant themes, methods, geographical patterns, and contrasting views on recognition, definition, and measurement, the article helps practitioners understand the arguments for and against balance sheet recognition, the limits of monetary valuation, and the role of disclosure in conservation, maintenance, use, and cultural significance. The authors’ findings support informed reporting policies, stronger dialogue between accountants and heritage professionals, and balanced decisions on financial valuation, narrative disclosure, or combined approaches that better reflect public value.