Stakeholder Comments on Exposure Draft 92 Sought by February 28, 2025
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.
How to Access
Access Exposure Draft 92, Tangible Natural Resources, its summary At-a-Glance document, or to submit a comment. Comments on the Exposure Draft are requested by February 28, 2025. The IPSASB encourages IFAC members, associates, and Network Partners to promote the availability of this Exposure Draft to their members and employees.
About the IPSASB
The International Public Sector Accounting Standards Board (IPSASB) works to strengthen public financial management globally through developing and maintaining accrual-based International Public Sector Accounting Standards® (IPSAS®) and other high-quality financial reporting guidance for use by governments and other public sector entities. It also raises awareness of IPSAS and the benefits of accrual adoption. The Board receives support from the Asian Development Bank, the Chartered Professional Accountants of Canada, the New Zealand External Reporting Board, the government of Canada, and The World Bank. The structures and processes that support the operations of the IPSASB are facilitated by the International Federation of Accountants (IFAC). For copyright, trademark, and permissions information, please go to permissions or contact permissions@ifac.org.
About the Public Interest Committee
The governance and standard-setting activities of the IPSASB are overseen by the Public Interest Committee (PIC), to ensure that they follow due process and reflect the public interest. The PIC is comprised of individuals with expertise in public sector or financial reporting, and professional engagement in organizations that have an interest in promoting high-quality and internationally comparable financial information.