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Exploration for and Evaluation of Mineral Resources. In December 2004 the International Accounting Standards Board issued IFRS 6 Exploration for and Evaluation of Mineral Resources. Amendments to References to the Conceptual Framework in IFRS Standards (issued March 2018).
A principal purpose of IFRS 6 is to specify the circumstances in which entities should test exploration and evaluation costs for impairment, and when to require disclosure of information about such assets.
IFRS 6 Exploration for and Evaluation of Mineral Resources has the effect of allowing entities adopting the standard for the first time to use accounting policies for exploration and evaluation assets that were applied before adopting IFRSs.
21 sie 2024 · Our guide provides practical advice and detailed insights to help you navigate IFRS 6 with confidence. Whether you’re a seasoned professional or new to the extractives industry, this publication is an invaluable resource. Download Your Free Copy Now!
IFRS 6 is applicable for annual reporting periods commencing on or after 1 January 2005. OBJECTIVE IFRS 6 specifies the financial reporting for the exploration for and evaluation of mineral resources. SCOPE IFRS 6 shall apply to exploration and evaluation expenditures incurred. This standard does not apply to expenditures incurred:
INTERNATIONAL FINANCIAL REPORTING STANDARD 6 EXPLORATION FOR AND EVALUATION OF MINERAL RESOURCES. OBJECTIVE. 1. SCOPE. 3. RECOGNITION OF EXPLORATION AND EVALUATION ASSETS. 6. Temporary exemption from IAS 8 paragraphs 11 and 12. 6. MEASUREMENT OF EXPLORATION AND EVALUATION ASSETS. 8. Measurement at recognition. 8.
of IFRS 6 and qualifies to be capitalised. Question 3 Can the cost of an option to acquire the legal right to explore a specific area be capitalised in accordance with IFRS 6? If not, does the cost qualify to be capitalised under another IFRS? Answer It depends. IFRS 6 states specifically that it does not
