Revised FAQ on How should specimens held for research be classified in an entity’s financial statements?

The definition of a heritage asset refers to assets held indefinitely for the benefit of present and future generations.

Collected specimens are recognised when they meet the asset recognition criteria. However, they cannot be classified as heritage assets while they are being evaluated and researched, as the definition of a heritage asset is not met. The asset classification decision tree can be used to determine the correct classification.

Access FAQ 7.4 here: FAQs.