1) Looking inside the NGV Annual Report 2014Q 2015 and the "cultural assets" that are recognised and reported in it: (Word Limit: 200-250 words)

a. Present the categories of "cultural assets" as identified by National Gallery of Victoria.

b. Explain how these cultural assets are measured and depreciated.

2) You have studied that accounting rules may have implications on society ) people , environment etc...). As an example, the requirement to expense research costs (AASB138 Intagible Assets) may reduce the opportunities for discoveries and breakthroughs in medicine.

Having this in mind, identify and explain AN implication (positivie or negative) for society of financially measuring the cultural assets ( paintings, sculptures etc...) managed by a national museum.