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IFRS 6 gives examples of expenditures that might be included in the initial measurement of exploration and evaluation assets ( although the list is not deemed exhaustive): (a) Acquisition of rights to explore (b) Topographical geological, geochemical and geophysical studies (c) Exploratory drilling (d) Trenching (e) Sampling
INTERNATIONAL FINANCIAL REPORTING STANDARD 6 EXPLORATION FOR AND EVALUATION OF MINERAL RESOURCES. OBJECTIVE. SCOPE. RECOGNITION OF EXPLORATION AND EVALUATION ASSETS. Temporary exemption from IAS 8 paragraphs 11 and 12. MEASUREMENT OF EXPLORATION AND EVALUATION ASSETS. Measurement at recognition.
IFRS 6 requires disclosure of information that identifies and explains the amounts recognised in its financial statements arising from the exploration for and evaluation of mineral resources, including: [IFRS 6.23–24]
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.
IFRS 6, exploration for and evaluation of mineral resources. discover y. The impact of International Financial Reporting Standards (IFRSs) has been felt extensively in the exploration industry – particularly the oil and gas industry where key dilemmas and judgements made are greatest at the exploration and production stage.
IFRS 6 Exploration for and Evaluation of Mineral Resources. SCOPE. PRESENTATION. This IFRS specifies the financial reporting for exploration and evaluation (“E&E”) of mineral resources. An entity shall apply the IFRS to E&E expenditures that it incurs.
requirements of IFRS 6 Exploration for and Evaluation of Mineral Resources, and looks at a number of practical issues which often arise in practice. Key aspects of IFRS 6 are that it: • Applies only to Exploration and Evaluation (E&E) expenditure • Contains an exemption from certain of the requirements of IFRS, meaning that there are fewer
