scholarly journals Natural Capital Accounting in Accordance with Public Sector Accounting Reforms

2021 ◽  
Vol 12 (1) ◽  
Author(s):  
Tatyana Arbatskaya
Keyword(s):  
Public Sector ◽  
Natural Resources ◽  
Natural Capital ◽  
Economic Indicator ◽  
Fair Value ◽  
Accounting Standard ◽  
Macroeconomic Indicators ◽  
Natural Capital Accounting ◽  
Federal Standard ◽  
Methodological Problems

Faithful information reporting on natural resources is essential for the formation of macroeconomic indicators, including such an important socio-economic indicator as domestic wealth. The new Federal Accounting Standard of Government Finance on Non-Production Assets, which became law on January 1, 2021, establishes uniform requirements for accounting and disclosure of information on natural resources in financial statements. The article considers the requirements for natural resources accounting, including their estimation in accordance with the new federal standard. The article reveals some theoretical and methodological problems of natural resources accounting and makes proposals for its further improving in public sector organizations. The article proposes a non-produced assets classification on the basis of their form — tangible and intangible non-produced assets. The author also suggests using the key rate of the Bank of Russia for discounting when determining a fair value of natural resources in an inactive market or in its absence.

scholarly journals Challenges with the financial reporting of biological assets by public entities in South Africa

2016 ◽  
Vol 19 (1) ◽  
pp. 139-149 ◽  
Author(s):  
Deon Scott ◽  
Christa Wingard ◽  
Marilene Van Biljon
Keyword(s):  
South Africa ◽  
Public Sector ◽  
Financial Reporting ◽  
Fair Value ◽  
Financial Information ◽  
Annual Reports ◽  
Eastern Cape ◽  
Accounting Standard ◽  
The Public ◽  
Growth Initiative

Fair value accounting of biological assets in the public sector was introduced with the adoption of the public-sector-specific accounting standard: Generally Recognised Accounting Practice (GRAP) 101. The public sector currently reports on various bases of accounting. Public entities and municipalities report in terms of accrual accounting, and government departments report on the modified cash basis. The lack of a uniform basis of accounting impedes the comparability of financial information. The implementation of GRAP 101 in the public sector is important in facilitating comparability of financial information regarding biological assets. This paper is based on a content analysis of the annual reports of 10 relevant public entities in South Africa and specifically details the challenges that public entities encounter with the application of GRAP 101. These challenges, and how they were addressed by a public entity that adopted and applied GRAP 101, namely the Accelerated and Shared Growth Initiative South Africa – Eastern Cape (AsgiSA-EC), are documented in this research.

Hypothesizing a New Standard for Environmental Injunctions

2020 ◽  
Vol 7 (1) ◽  
pp. 105-128
Author(s):  
Kalpana S. Murari
Keyword(s):  
Climate Change ◽  
Sustainable Development ◽  
Natural Resources ◽  
Natural Capital ◽  
Fundamental Rights ◽  
Environmental Harm ◽  
Judicial Discretion ◽  
Economic Activities ◽  
Injunctive Relief ◽  
Natural Capital Accounting

Environmental litigation expands into economic activities that contribute to global warming and promotes inequitable distribution of natural resources. In the context of climate change litigation, international courts have consistently held that governments need to act on climate change and strive towards sustainable development. Courts are expected to act proactively and provide long-term solutions to environmental problems and address climate change impacts by ensuring compliance of legislative norms. Courts exercise discretionary powers when granting injunctive relief that provide a threshold for courts to intervene and guide economic activities of a nation towards sustainable development. Courts need to protect the legislative intent of the executive, preserve fundamental rights of parties not present before the court while preventing any injury to the defending party by protecting their rights under law or in equity. In the absence of statutory prescriptions for testing environmental harm, courts have established standards for granting interim relief, to ensure there is no abuse of powers to grant injunctions and that such orders are not set aside on grounds of abuse of judicial discretion. This paper prescribes a single, uniform and sufficient standard that calls for ‘Natural Capital’ accounting by federal agencies and private businesses that exploit natural resources for commercial purposes. Keywords: Environmental injunctions; Natural capital; Natural Capital accounting; Injunctive relief; Precautionary principle

Rules of measurement after recognition of inventories in the new Federal Accounting Standard for non-public sector organizations

2020 ◽  
pp. 16-23
Author(s):  
Emilia Sergeevna Druzhilovskaya
Keyword(s):  
Public Sector ◽  
Previous Article ◽  
Healthcare Organizations ◽  
Accounting Standard ◽  
Public Sector Organizations ◽  
Federal Standard

In a previous article, we analyzed the measurement requirements for the recognition of inventories in the Federal Accounting Standard, which will come into force in 2021, for non-public sector organizations, including healthcare organizations in this sector. In this article, we investigate the rules of measurement after recognition of inventories established in the above Federal Standard. In this article, we analyze the most important innovations of this Federal Standard in relation to the measurement after recognition of the above assets of non-public sector organizations (including healthcare organizations of this sector), identify the main issues in this area and provide proposals for their solution.

Initial measurement of inventories in the new Federal Accounting Standard for non-public sector organizations

2020 ◽  
pp. 15-23
Author(s):  
Emilia Sergeevna Druzhilovskaya
Keyword(s):  
Public Sector ◽  
Healthcare Organizations ◽  
Accounting Standard ◽  
Material Production ◽  
Work In Progress ◽  
Public Sector Organizations ◽  
Federal Standard ◽  
Initial Measurement

This article analyzes the measurement rules for the recognition of inventories in the new Federal Accounting Standard for non-public sector organizations, including healthcare organizations in this sector. This standard comes into force in 2021 and, unlike RA 5/01, applies not only to accounting (including measurement) of material production inventories, but also to accounting (including measurement) of work in progress. The article examines the main innovations of the above-mentioned Federal Standard in relation to measurement when recognizing inventories, identifies the most important problematic issues in this area and provides recommendations for their solution.

Natural Capital Accounting for Water Resources

2018 ◽  
pp. 60-75
Author(s):  
Matthew Agarwala ◽  
Michael Brock
Keyword(s):  
Water Resources ◽  
Natural Resources ◽  
Case Studies ◽  
Real World ◽  
Natural Capital ◽  
National Accounts ◽  
Capital Asset ◽  
Stocks And Flows ◽  
Natural Capital Accounting ◽  
Water Accounts

Finding appropriate mechanisms by which to value the environment and incorporate it into economics remains a sizeable challenge for researchers in the field. Attributes of natural resources feasibly align with an economist’s notion of ‘capital’. But once nature is defined as capital, there is a crucial distinction between stocks and flows, and as a result there are both opportunities and difficulties of incorporating them within the national accounts. This reasoning can be applied specifically to hydrological capital, as is shown by three real-world case studies. Hydrological capital is uniquely difficult to value, and that field is still in its infancy. But examples demonstrate that water accounts can be used to inform policy, and that it is possible to acknowledge and account for water as a capital asset.

Federal public finance accounting standard “Employee Payments”

2020 ◽  
pp. 5-10
Author(s):  
Olga Shinkareva
Keyword(s):  
Public Finance ◽  
Public Sector ◽  
Financial Reporting ◽  
Financial Statements ◽  
Employee Benefits ◽  
Reporting Standard ◽  
Accounting Standard ◽  
Disclosure Of Information

The article is devoted to the analysis of the Federal Accounting Standard of Public Finance “Payments to Personnel”, which will be applied in the conduct of accounting and reporting from January 1, 2021, including medical state and municipal institutions. The article considers the main provisions of this standard — peculiarities of recognition and evaluation of objects of personnel benefits accounting, termination of their recognition, as well as disclosure of information on objects of personnel benefits accounting in accounting financial statements. This standard is compared with the International Public Sector Financial Reporting Standard 39 “Employee Benefits”

scholarly journals From natural capital accounting to natural capital banking

2021 ◽  
Author(s):  
Michael J. Vardon ◽  
Heather Keith ◽  
Peter Burnett ◽  
David B. Lindenmayer
Keyword(s):  
Natural Capital ◽  
Natural Capital Accounting

Subsequent measurement of property, plant and equipment in the new Federal Accounting Standard for non-public sector organizations

2021 ◽  
pp. 21-30
Author(s):  
Emilia Sergeevna Druzhilovskaya
Keyword(s):  
Public Sector ◽  
Accounting Standards ◽  
Previous Article ◽  
Healthcare Organizations ◽  
Accounting Standard ◽  
Public Sector Organizations ◽  
Subsequent Measurement ◽  
Initial Measurement

In the previous article, we examined the rules for the initial measurement of property, plant and equipment established by the new Federal Accounting Standards (FAS) for non-public sector organizations, including healthcare organizations. This article analyzes the regulations for the subsequent measurement of these assets contained in the new FAS 6/2020 “Property, plant and equipment” and coming into force from 2022. At the same time, the article examines the most important innovations of this FAS in the field of subsequent measurement of property, plant and equipment in the accounting of non-public sector organizations (including healthcare organizations), identifies problematic issues in this area and provides recommendations for their solution.

scholarly journals Natural capital accounting for better policy

AMBIO ◽  
2018 ◽  
Vol 48 (7) ◽  
pp. 714-725 ◽  
Author(s):  
Arjan Ruijs ◽  
Michael Vardon ◽  
Steve Bass ◽  
Sofia Ahlroth
Keyword(s):  
Natural Capital ◽  
Natural Capital Accounting

scholarly journals “Mathematics maybe, but not money”

2017 ◽  
Vol 30 (7) ◽  
pp. 1459-1480 ◽  
Author(s):  
Sian Sullivan ◽  
Mike Hannis
Keyword(s):  
Land Use Planning ◽  
Natural Capital ◽  
Economic Values ◽  
Content Type ◽  
Experimental Implementation ◽  
Natural Capital Accounting ◽  
Ecological Accounting ◽  
The Uk ◽  
Biodiversity Offset ◽  
Policy Texts

Purpose The purpose of this paper is to consider and compare different ways of using numbers to value aspects of nature-beyond-the-human through case analysis of ecological and natural capital accounting practices in the UK that create standardised numerical-economic values for beyond-human natures. In addition, to contrast underlying ontological and ethical assumptions of these arithmetical approaches in ecological accounting with those associated with Pythagorean nature-numbering practices and fractal geometry. In doing so, to draw out distinctions between arithmetical and geometrical ontologies of nature and their relevance for “valuing nature”. Design/methodology/approach Close reading and review of policy texts and associated calculations in: UK natural capital accounts for “opening stock” inventories in 2007 and 2014; and in the experimental implementation of biodiversity offsetting (BDO) in land-use planning in England. Tracking the iterative calculations of biodiversity offset requirements in a specific planning case. Conceptual review, drawing on and contrasting different numbering practices being applied so as to generate numerical-economic values for natures-beyond-the-human. Findings In the cases of ecological accounting practices analysed here, the natures thus numbered are valued and “accounted for” using arithmetical methodologies that create commensurability and facilitate appropriation of the values so created. Notions of non-monetary value, and associated practices, are marginalised. Instead of creating standardisation and clarity, however, the accounting practices considered here for natural capital accounts and BDO create nature-signalling numbers that are struggled over and contested. Originality/value This is the first critical engagement with the specific policy texts and case applications considered here, and, the authors believe, the first attempt to contrast arithmetical and geometrical numbering practices in their application to the understanding and valuing of natures-beyond-the-human.

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