The International Public Sector Accounting Standards Board of the International Federation of Accountants issued exposure draft ED78 Property Plant and Equipment in April 2021. It proposes valuing ‘heritage items’ for recognition as ‘heritage assets’ in statements of financial position. This proposed requirement for global application casts the spotlight on a highly controversial topic in regulated financial reporting. The monetary valuation of cultural, heritage and scientific collections of public not‐for‐profit museums, art galleries and similar repositories has been subject to considerable discussion and debate for the past three decades. Our purpose is to critically examine this perennial financial reporting controversary, in the context of the three conceptions of accounting: accounting as technical practice, social practice and moral practice as articulated in the definition of accounting proposed by Carnegie et al. (2021a, 2021b) for discussion, debate and potential adoption in the accounting profession, including by accounting standard setters in all sectors. This article is intended to challenge accounting to enhanced self‐awareness in reaching its full potential.