Semarang Old City (SOC) area is mute witness to the history of Dutch colonial Indonesia over more than 2 centuries. Old town is a piece of history, and its location adjacent to the area economy. This place is about 50 old buildings that still stand firm and has a history of colonialism in Semarang. SOC area is also called OUTSTADT had area about 31 hectares. SOC seems like a separate city, earning it the nickname “Little Netherland” or cover every area where the buildings constructed since the Dutch era. SOC consist of colonial buildings are arrayed along blocks and avenues that were based on city designs from Holland, and all are maintained in pristine condition. SOC is a historic region with many ancient buildings that are considered potentially to be developed in the field of culture, economics and conservation areas. Much irreplaceable SOC heritage is degraded, damaged, destroyed, lost, or threatened due to neglect, ignorance, incompetence, and mismanagement, for short-term gain and by special interest groups. The buildings in SOC are heritage assets priceless legacy. Unlike other assets, heritage assets have long life cycles and they do not decrease in value over their life; in fact their value tends to increase. Changes in government accounting from cash basis to accrual basis (cash towards accrual) requires the central and local governments recognize all assets and liabilities that meet the criteria of the definition and criteria for recognition in the balance sheet. Historic Assets Assessment which limited its potential historical value characteristics must be disclosed in the Notes to the Financial Statements in physical units and without value. Study will evaluate Government Regulation no. 71of 2010 HERITAGE ASSETS of Historic Assets by conducting comparative studies reporting practices of heritage assets in SOC.