IPSAS 51: New Standard for Tangible Natural Resources Held for Conservation

Posted 30 January 2026 Written by Acts Online
Category Financial and Accounting

Brought to you by SA Accounting Academy: The International Public Sector Accounting Standards Board (IPSASB) has released a new standard, IPSAS 51, to provide specific guidance on accounting for tangible natural resources held for conservation.

In terms of the newly issued IPSAS 51, Tangible Natural Resources Held for Conservation, the IPSASB introduces public sector-specific accounting requirements for natural resources with physical substance. This includes assets such as land, water, and timber, provided they are held by a government or public sector entity for the primary purpose of preservation or protection.

The standard addresses a historical gap where these resources were often omitted from general purpose financial statements due to a lack of effective valuation and recognition guidance. By requiring the recognition of these assets, IPSAS 51 enables entities to account for:

  • The extent and value of resources under stewardship;
  • Changes in resource status over time, including depletion, degradation, or loss; and
  • Improvements resulting from restoration or enhancement activities.

For natural resources held for purposes other than conservation, the standard directs preparers to existing guidance in other applicable IPSAS standards. IPSAS 51 is effective for annual financial statements for periods beginning on or after 1 January 2028, though earlier application is permitted.

Click here to download the IPSAS 51: Tangible Natural Resources Held for Conservation.

What this means for you, your business, or your clients

  • For yourself: Professional public sector accountants must familiarise themselves with the recognition and measurement criteria for non-financial natural assets to ensure future compliance with the IPSAS framework.
  • For your business: Audit firms and consultancies serving public sector clients must update their audit methodologies and advisory frameworks to incorporate the 1 January 2028 implementation deadline.
  • For your clients: Public sector entities and government departments must begin identifying and cataloguing tangible natural resources held for conservation to prepare for the 2028 effective date.

Originally published at https://accountingacademy.co.za/news/read/ipsasb-new-ipsas-51-tangible-natural-resources-held-for-conservation

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