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Can Land And Buildings Be Heritage Assets

Accounting Standards BoardRef: ERENCING GRAP 16

Official source

Source domain: asb.co.za

Collected on 13 July 2026

Always confirm details on the official source before acting.

What this means

This document is a technical article from the Accounting Standards Board (ASB) answering the question whether land and buildings can be classified as heritage assets. It states that land and buildings may be heritage assets if they meet the definition (significant culturally/environmentally/historically/etc. and held indefinitely for the benefit of present and future generations) and, if they are heritage assets, whether they have a significant alternative use. It also explains that land and items on land (e.g., fauna and flora, burial sites/graves) should be accounted for separately using relevant GRAP standards, specifically GRAP 103 for heritage assets and GRAP 110 for living/non-living resources, with other examples referencing GRAP 16 and GRAP 17.

What this document offers

Read out of this document by Govermate's AI, in its own words. Each one quotes the line it came from — confirm on the official source before acting.

technical guidance articleOngoing

Can land and buildings be heritage assets ?

The Accounting Standards Board makes available an online technical article explaining when land and buildings, fauna and flora, and burial sites or graves should be classified and accounted for under relevant GRAP Standards.

Who it is for
Government entities and other readers seeking guidance on accounting for land, buildings and related assets
How to act on it
Read the technical article online.
Show the line this came from
Yes, land and buildings could be classified as heritage assets.

Who can apply

What matters before you act: the conditions this listing sets, as Govermate read them.

The document sets no condition.

Facts

Reference

ERENCING GRAP 16

Key Takeaways

  • Question addressed: whether land and buildings can be classified as heritage assets
  • Heritage asset definition: significant cultural/environmental/historical/natural/scientific/technological/artistic perspective and held indefinitely for benefit of present and future generations
  • Classification depends on meeting the heritage asset definition and whether it has significant alternative use
  • If significant alternative use exists, heritage assets are accounted for based on that use (e.g., GRAP 17 for Property, Plant and Equipment; GRAP 16 for Investment Property)
  • Separation of assets: land vs fauna/flora vs burial sites/graves
  • Fauna and flora: accounted for using GRAP 110 (Living and Non-living Resources) because they cannot be held indefinitely
  • Heritage land: accounted for using GRAP 103 (Heritage Assets)
  • Burial sites/graves: accounted as heritage assets if they meet the definition; land accounted separately (most likely GRAP 16 if commercial property)
  • Article based on current version of GRAP 103 on Heritage Assets; current version applies until amendments are approved by the Board and the Minister of Finance
  • Disclaimer: reflects ASB staff views, not the Board
  • Accounting Standards Board (ASB)
  • Board (of the ASB)
  • Minister of Finance
  • GRAP 103 (Heritage Assets)
  • GRAP 110 (Living and Non-living Resources)
  • GRAP 16 (Investment Property)
  • GRAP 17 (Property, Plant and Equipment)