Developing a Framework for Accounting for Heritage Assets: A Case Study of the Kurdistan Region of Iraq

Abstract

This research investigates the challenges of accounting for heritage assets in museums, archaeological institutions, and creative arts organizations. Key issues include difficulty in valuation, lack of standardized accounting practices, and unrecorded losses. The study adopts a critical approach, analyzing the limitations of current accounting practices and proposing improvements. A particular focus is on the Kurdistan Region of Iraq, with its rich Mesopotamian heritage. The limited use of information technology (IT) in Iraqi accounting practices further complicates the issue. The research investigates the need to transition to modern, IT-driven approaches specifically for valuing heritage assets. Seven key research questions guide the study, exploring topics such as the comparability of heritage assets to traditional fixed assets, the need for unique accounting treatments, and the effectiveness of existing information systems. The research aims to contribute to the preservation of cultural heritage through innovative accounting methods. It proposes a novel valuation method for heritage assets and explores its effectiveness through an inductive research approach. The study's findings can enhance accounting practices for heritage assets, leading to a clearer picture of a nation's cultural and financial health.