In Italy, recent normative changes towards accrual accounting have asked universities to measure and disclose their cultural heritage assets. The switch from “pure” financial accounting requirements cash-based, to a more mature accrual accounting system (Agasisti, Catalano, & Erbacci, 2017), posed the challenge of the intellectual capital accounting and measurement (Guthrie, Ricceri, & Dumay, 2012). The current lack of accounting principles to be used in preparing such disclosures have required universities to revaluate or impair their heritage book values (A. Barton, 2005). The study comments the role of accounting in shaping the reality within the context of Italian Public Universities. The paper is designed as an empirical paper that first aims at describing the state of the art of Italian universities’ museums using an accounting perspective. Secondarily, the paper shows through the application of multiple correlations the existence of links between the book value of cultural heritage assets and core features of universities. The sample includes the totality of Italian Public University recognized by MIUR in 2017 (n=67). We included in the analysis the composition of tangible assets and the book value of the amount disclosed in A) II.4 called Book heritage, artworks, antiquities and museum assets, of the scheme provided by the Italian Ministry of Education and Research (MIUR). The study herein reported shows the state of the art of universities’ museums using an accounting perspective. In particular, it evidences the fragmented framework of the Italian universities’ museums between micro and mega institutions, where universities manage an average of 4.6 museums each. Opposite to the logic of valorization of intellectual capital, the ministerial guideline supports the total impairment of “ordinary” books, while for book heritage, artworks, antiquities and museum assets, it supports the idea that such cultural heritage will not lose the value over time. Due to the lack of a clear accounting principles to apply, universities have adopted different behaviors, on one side an extreme revaluation of their heritage assets, on the other side great impairments. Higher Education Institutions (HEIs) are becoming more aware of the role they might play for the sustainable development and social value creation of societies and countries. The so-called third mission translates in actions the dialogue between universities and societies, and universities and stakeholders. This social value is expressed by teaching, research and third mission activities. The latter are pivotal for a knowledge society, and exogenous pressure are incentivizing the adoption of managerial duties and the institutionalization of performance measurement (Martin-Sardesai & Guthrie, 2018; Martin-Sardesai, Irvine, Tooley, & Guthrie, 2017; L. D. Parker, 2013). The adoption of accrual accounting method has forced universities to translate and give a value to their cultural heritage assets, that are heterogenous by definition and dependent from the historical roots of the university and the number of students. The book value of the heritage assets does not show adequately this “unexpressed” potential that can impact over public engagement and societal outreach.