The IPSASB publishes a Consultation Paper on Natural Resources

Accounting for, and reporting on, natural resources by governments has been a long standing accounting question. The primary question is whether these resources should be reflected in the financial statements or somewhere else (like the annual report).

The IPSASB issued a Consultation Paper which aims to solicit views on a number of key issues related to water, non-regenerative resources such as oil, gas, minerals, etc., and fauna and flora. Read more about the Consultation Paper here.

As the ASB issued GRAP 110 on Living and Non-living Resources to deal with these issues, we are not anticipating addressing this Consultation Paper in detail. The staff of the ASB will submit a comment letter to the IPSASB based on the South African experiences with these resources. The progress of the project will continue to be monitored.