IPSASB issues exposure draft on tangible natural resources

The International Public Sector Accounting Standards Board today issued Exposure Draft 92, Tangible Natural Resources.

There is currently no IPSASB guidance on accounting for tangible natural resources — defined as "all naturally occurring items with physical substance which embody service potential or the capability to generate future economic benefits." ED 92 proposes recognition, measurement, presentation and disclosure guidance to address the information gap.

"Tangible natural resources represent a significant proportion of economic resources in many jurisdictions," IPSASB chair Ian Carruthers said in a statement. "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."

Comments on the ED are requested by Feb. 28, 2025. The IPSASB encourages IFAC members, associates and Network Partners to promote the availability of the draft to their members and employees.