What describes "heritage property" in financial terms?

Heritage property refers to assets that are valued primarily for their cultural, historical, or artistic significance rather than for their economic utility or productivity. This can include historical buildings, monuments, artworks, and artifacts that contribute to a community's identity and heritage. These properties often play a key role in education and tourism, serving as important reminders of a society's past.

Unlike assets held for production, which are used to generate income, or physical assets that are used in service delivery, heritage properties are preserved mainly for their intrinsic value and importance to cultural history. This distinction is crucial for financial and accounting practices, particularly when considering asset valuation and management in terms of conservation versus commercial use.