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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.
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.
The IFRIC was asked to clarify the effect of the limited scope of IFRS 6 on exploration and evaluation (E&E) activities.
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 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: • before the exploration for and evaluation of mineral resources, e.g. expenditures incurred before the entity
7 maj 2014 · This standard prescribes the guide lines to be used by the entities which are engage in exploration and evaluation activities, to deal with the accounting treatment of exploration for and evaluation of mineral resources.
