Latest News | GASAB Brings out Concept Paper on 'natural Resource Accounting'

New Delhi, Jul 29 (PTI) The Government Accounting Standards Advisory Board (GASAB) Secretariat has brought out a concept paper on 'natural resource accounting', prepared in alignment with requirements of the latest international framework issued by the United Nations.

Deputy Comptroller and Auditor General and GASAB Chairperson Anita Pattanayak presented the 'Concept Paper on Natural Resource Accounting in India' to Babul Supriyo, Minister of State for Environment, Forest and Climate Change, a CAG release said on Wednesday.

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It was presented to the minister on Tuesday.

The concept paper, while complementing the efforts of the United Nations in implementing natural resource accounting (NRA) across the world, is a result of GASAB's efforts towards helping the causes of environmental accounting, climate change, and sustainable development goals in India, it said.

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The paper is prepared in alignment with the requirements of the System of Environmental and Economic Accounting - Central Framework (SEEA - CF) which is the latest international framework for NRA issued by the United Nations, it said.

"The Paper, inter-alia, envisages implementation of NRA in India in a phased manner, first in the states with the asset accounts in respect of four major natural resources, namely, mineral and energy resources, water resources, forestry and wildlife resources and land resources and then gradually roll out at the national level," the release said.

The asset accounts will immensely help the states in planning and management of resources keeping an eye on their sustainability for future generations.

With these ambitious targets laid over a time frame of about 10 years, India would be able to achieve half of the four-stage implementation plan of NRA envisaged by SEEA - CF and find a place among the select countries reaching this far, till date, it added.

In this new initiative, GASAB consulted the concerned ministries and all accountants general in the field offices under the Comptroller and Auditor General (CAG).

In order to involve academia, the Department of Environmental Studies, Delhi University, and The Energy and Resources Institute (TERI) were also collaborated with.

For keeping states in the loop, the paper has also been circulated to the finance secretaries of all the state governments, it said.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)