Natural Capital Accounting for Organizations. Specification
Natural Capital Accounting for Organizations. Specification
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What is BS 8632 about?
Natural capital is the world’s stock of natural assets such as geology, soil, air, water and also living things such as cattle and bees. Natural Capital Accounting, specified by BS 8632 , is a tool to measure the changes in the natural stock of the natural capital. The value of ecosystem services is considered in the accounting and reporting system. Basically, it’s the process of calculating the total stock and services of natural resources in the ecosystem or a particular region. BS 8632 includes minimum requirements for defining the scope of an account, as well as the material impacts and dependencies for documenting the data. BS 8632 outlines the process used to prepare the natural capital account. BS 8632 prescribes two key accounting outputs of natural capital accounts – each with supporting schedules:
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