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BS 8632:2021

BS 8632:2021

$198.66

Natural Capital Accounting for Organizations. Specification

Published By Publication Date Number of Pages
BSI 2021 54
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This British Standard provides specifications and guidance for the process of preparing natural capital accounts including minimum requirements for defining the scope of an account and the material impacts and dependencies; and documenting the data and process used to prepare the natural capital account.

There are two key accounting outputs of natural capital accounts prescribed – each with supporting schedules:

  1. a Natural Capital Balance Sheet showing the organization’s dependency on natural capital assets; and

    NOTE 1 Scope 1 includes the natural capital assets the organization owns or has legal or voluntary responsibility for. Scope 2 includes other natural capital assets. Assets that are not owned by anyone might be included in Scope 1 or Scope 2 depending on the organization and materiality of its impacts and dependencies.

  2. a Natural Capital Income Statement showing the positive and negative impacts of the organization on natural capital assets.

    NOTE 2 Scope 1 includes the impacts from the organization’s own operations. Scope 2 includes the impacts attributed to the organization through the operations of its value chain.

This British Standard is applicable to organizations of all types (public, third sector and listed and unlisted private) across all sectors, and of any size (such as SMEs and larger businesses) and to one or more sites in which they operate. A group of organizations dependent on the same natural capital assets, or considering collaborating to change their impacts, may produce joint natural capital accounts. This standard is applicable internationally.

This British Standard is intended to be used by those who will be preparing the natural capital accounts. These could be environmental and sustainability professionals, accountants, economists and others working in collaboration.

The natural capital account aims to provide beneficial information to managers of organizations, and their stakeholders such as investors, auditors and those responsible for assurance, certification bodies, regulators/policy makers, customers and the wider public. The standard recognizes that the process of preparing the accounts could be as informative as the results presented in the accounting outputs.

This British Standard does not apply to national or sector-wide natural capital accounts, which are covered by the UN System of Environmental-Economic Accounting – Ecosystem Accounting (UN SEEA-EA) [1] within the context of the System of National Accounts.1

Although the primary focus of the UN SEEA-EA is on nation-wide accounts, many of its principles and methods are relevant to, and can be applied to, organizational natural capital accounts. The data gathered by national authorities for UN SEEA-EA can also be used by organizations.

PDF Catalog

PDF Pages PDF Title
5 Foreword
7 0 Introduction
8 1 Scope
9 2 Normative references
3 Terms and definitions
15 4 Principles
4.1 General
4.2 Rigour
4.3 Completeness
16 4.4 Consistency
4.5 Credibility
4.6 Relevance
4.7 Transparency
5 Natural capital accounting outputs and scopes
5.1 Scope 1 (S1) and Scope 2 (S2)
17 Table 1 — Key differences between accounting outputs, Scope 1 and Scope 2
5.2 Scopes for a Natural Capital Balance Sheet
19 5.3 Scopes for a Natural Capital Income Statement
20 6 The process of preparing a natural capital account
6.1 General
21 6.2 Identify the purpose of the natural capital account
22 6.3 Identify and plan involvement of stakeholders
6.4 Undertake materiality assessment
23 6.5 Select the natural capital accounting output
24 6.6 Collect data and conduct data quality assessment
26 6.7 Prepare the natural capital account and supporting schedules
30 Table 2 — Natural Capital Balance Sheet
31 Table 3 — Showing the changes between two or more Natural Capital Balance Sheets prepared for the same organization over different accounting periods
33 Table 4 — Natural Capital Income Statement
7 Documentation, interpretation and integration
7.1 Documentation
35 Figure 1 — Documenting the natural capital accounting process and outputs – suggested report structure
7.2 Interpretation
36 7.3 Integration
38 Annex A (informative)  Putting natural capital accounts into context: Financial accounts and natural capital assessments or appraisals
39 Table A.1 — Coverage of various reporting/analysis methods
40 Table A.2 — Comparison of accounting and appraisal
41 Annex B (informative)  Materiality assessment
43 Table B.1 — An example of how benefits from natural capital can be ranked based on significance
Annex C (informative)  Illustrating the choice of natural capital account and scope
Table C.1 — Deciding the scope of natural capital account by ownership of assets and impacts of operation
44 Table C.2 — Choice of natural capital account and scope
45 Annex D (informative)  A hypothetical case study of a Natural Capital Balance Sheet and a Natural Capital Income Statement
46 Table D.1 — Example Natural Capital Balance Sheet – Scope 1
48 Table D.2 — Example Natural Capital Income Statement – Scope 1
51 Bibliography

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BS 8632:2021
$198.66