Assessment of Museum Items

The expediency of assessment of museum items on the basis of the degree of exclusiveness (scientific and historical, scientific and artistic, and other scientific and informative value) is substantiated. The approaches to assessment of museum items (as a part of the heritage assets) in national and international accounting standards for the public sector are investigated. Proposals concerning the application of valuation at initial cost in Ukraine are substantiated. In case of its absence one should recognize fair value instead of conditional one. Museum items that are not assessed on the reporting date and do not meet the recognition criteria should be disclosed in the off-balance sheet accounting by the symbolic value with subsequent disclosure in the Notes to the financial statements.