IPSASB issued IPSAS 51, Tangible Natural Resources Held for Conservation
Environmental stewardship is often seen by many as a key government responsibility. The conservation of tangible natural resources could have significant impacts on current and future generations around the world, but without effective guidance for how to account for the extent and value of these resources, they are often left out of public sector general purpose financial statements. Recognizing tangible natural resources held for conservation can inform decisions about their stewardship and account for how they change over time, such as if they are depleted, degraded, lost, restored, or enhanced.
The International Public Sector Accounting Standards Board (IPSASB) has issued a new IPSAS Standard to address the need for guidance: IPSAS 51, Tangible Natural Resources Held for Conservation. IPSAS 51 introduces new, public sector-specific accounting guidance on accounting for natural resources with physical substance, such as land, trees, and water, often held by governments to preserve or protect them. IPSAS 51 also highlights guidance in other standards that applies to natural resources that are held for other purposes.
IPSASB Chair Thomas Müller-Marqués Berger said:
“Decisions about why a public sector entity holds natural resources have long-term financial and social consequences. IPSAS 51 helps governments better connect environmental stewardship with public finances, improving transparency around how today’s choices affect public wealth and future generations.”
Access IPSAS 51, Tangible Natural Resources Held for Conservation. IPSAS 51 is effective for annual financial statements for periods beginning on or after January 1, 2028. Earlier application is permitted.
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 Standards), IPSASB Sustainability Reporting Standards (IPSASB SRS™ Standards) and other high-quality financial reporting guidance for use by governments and other public sector entities. It also raises awareness of IPSAS Standards and IPSASB SRS Standards and promotes the adoption and implementation of these to enhance the quality and consistency of practice throughout the world and strengthen the transparency and accountability of public sector finances and sustainable development. 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.