The proposed IPSAS on Tangible Natural Resources, locally issued as ED 212, applies to natural resources with physical substance that embody service potential, or the capacity to generate economic benefits, or both.  

The article on 20 January 2025 Do you support the definition of a tangible natural resource in the proposed IPSAS on Tangible Natural Resources?  discusses this definition and highlights an alternative view on the definition and scope of the proposed IPSAS.  

Specific matter for comment 2: Definitions (paragraph 6) states: 

The Exposure Draft defines a natural resource as an item which is naturally occurring and embodies service potential, the capacity to generate economic benefits, or both, and a tangible natural resource as a natural resource with physical substance.  

Do you agree with the proposed definitions? If not, why not?  

This Exposure Draft includes an Alternative view regarding its scope and the definition of tangible natural resources. 

The Board seeks your views on the proposed definition in formulating a response to the International Public Sector Accounting Standards Board.  

To respond to this question, submit your written comment on ED 212 to info@asb.co.za or participate in scheduled consultations. Details of these consultations are shared on the “ASB Engage” post every alternate Friday. 

Comment on ED 212 closes on 14 February 2025.