| The IPSASB continued its deliberations on developing an Exposure Draft (ED) that sets out the accounting for tangible natural resources. A tangible natural resource is an item that is naturally occurring and embodies service potential, such as water and living resources.
The ED proposes that tangible natural resources in the scope of other IPSAS will be accounted for using those IPSAS. For example, a forest meets the definition of a natural resource. When an entity manages the growth of the forest to enhance or stabilise the quality of the trees in the forest to harvest the felled trees (agricultural produce) for wood or timber, the forest is a biological asset within the scope of IPSAS 27 on Agriculture. As the tangible natural resource is in the scope of another IPSAS, it is not accounted for in the ED.
Natural resources that will be accounted for in the ED are those that are controlled by an entity and primarily held for conservation. Conservation means that the entity actively manages and protects the natural resources from degradation. | 
