A concept paper on ‘Natural Resource Accounting in India’ has been presented by Anita Pattanayak, Chairperson, Government Accounting Standards Advisory Board (GASAB).

She is also the Deputy Comptroller and Auditor General.

This concept paper is a result of GASAB’s efforts towards helping the causes of environmental accounting, climate change, and sustainable development goals in India, an official statement said.

The paper is prepared in alignment with the requirements of System of Environmental and Economic Accounting - Central Framework (SEEA - CF).

The paper encompasses various issues like preparation of Asset Accounts, bringing the government and the private sector under the ambit of Natural Resource Accounting (NRA), mapping the probable issues and challenges to be faced during implementation and also floating the idea of preparing, in future, a disclosure statement on receipts and expenditure accounts related to exploitation of natural resources and also on mitigating environmental damages, the statement said.

The paper 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 — mineral & energy resources, water resources, forestry & wildlife resources and land resources and then gradually roll out at the national level.

“The asset accounts will immensely help the States in planning and management of resources keeping an eye on their sustainability for the 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 place among the select countries reaching this far,” the statement added.

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