Reference no: EM131822771

The Great Barrier Reef is one of the seven natural wonders of the world, and is one of Australia's most significant natural icons. It is larger than the Great Wall of China, and is the only living thing on earth that is visible from space. However, the health of the reef has been in decline over many years, with coral bleaching reaching over 95% in some areas, and 60% of the reef estimated to be lost by 2030. Funding to protect and restore the reef is being sought in both the government and non-government sectors, with the Queensland Tourism and Industry Council Chief Executive Daniel Gschwind stating in June 2016:

"The reef is an iconic natural asset, valued by all Australians, and it is also a major economic asset, supporting the tourism industry which is one of the most vibrant economic sectors of Australia's economy".

Consider how the term "asset" is used in this context, from both a "natural" and "economic" perspective, and whether it is consistent with the definitions and recognition criteria provided in the Conceptual Framework.

Required:

Write one to three paragraphs (no more than half a page) explaining to an accountant any issues with how this term is being applied in this context.

Write one to three paragraphs (no more than half a page) explaining to a non-accountant any issues with how this term is being applied in this context.