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The International Public Sector Accounting Standards Board® (IPSASB®) has issued Exposure Draft (ED) 92, Tangible Natural Resources for public comment.
“Tangible natural resources represent a significant proportion of economic resources in many jurisdictions,” said IPSASB Chair Ian Carruthers. “The proposed guidance fills an important gap in the IPSASB’s literature and will improve not only financial reporting but also encourage better public financial management and policy decisions for many governments.”
Tangible natural resources encompass all naturally occurring items with physical substance which embody service potential or the capability to generate future economic benefits. However, no International Public Sector Accounting Standard® (IPSAS®) guidance currently exists on the accounting for tangible natural resources, and as a result, many governments lack information on the extent and value of tangible natural resources.
ED 92 proposes recognition, measurement, presentation and disclosure guidance to address this gap.
The IPSASB welcomes the views of respondents on the proposed standard and other matters raised for comment in the ED. Comments received will help shape the final IPSAS related to Tangible Natural Resources.
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