The objective of the natural resources project is to develop a Consultation Paper, then one or more Exposure Drafts to address the issues relating to the recognition, measurement, presentation and disclosure of natural resources.
- Lindy Bodewig (Chair)
- Adrienne Cheasty
- Neema Kiure-Mssusa
- Hironobu Takahashi
- Patricia Siqueira Varela
- Marc Wermuth
The IPSASB approved a project brief on Natural Resources subject to minor drafting and editorial changes. The first part of this project will develop a comprehensive consultation paper covering the recognition, measurement, and disclosure of subsoil resources, living resources and water.
The IPSASB agreed that a government’s sovereign power to issue licenses is not, in and of itself, an asset. The IPSASB also provided feedback on the staff’s survey to gather information regarding various jurisdictional legal frameworks for subsoil resources exploration, development and extraction, and on the draft structure of the consultation paper, its introduction and first chapter.
The IPSASB continued its discussions on the draft Consultation Paper (CP) and:
- Considered advice from the Consultative Advisory Group (CAG) on sovereign powers and the asset recognition criteria;
- Reviewed the draft CP chapter on subsoil resources and provided input on whether subsoil resources can be controlled prior to extraction and when such resources can be reliably measured; and
- Discussed IFRS 6, Exploration for and Evaluation of Mineral Resources and its potential applicability in the public sector.