IPSASB consults on accounting for natural resources

Natural resources – whether minerals, gas, water, fauna and flora – can be a significant resource for many countries. As governments are often able to extract, or regulate the extraction of these resources, they are a significant source or wealth and revenue.

The IPSASB issued a Consultation Paper on Natural Resources for comment. The Consultation Paper discusses when, and how, natural resources are included in the financial statements or elsewhere. Comments are due by the 17^th of October 2022. More information can be accessed by following this link.

The ASB already provides guidance on accounting for natural resources in GRAP 110 on Living and Non-living Resources. Although we have already have guidance, the staff of the ASB will continue to monitor the progress on the project and assess the impact on the local environment.