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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.
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.
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. Elements of cost of exploration and evaluation assets. 9. Measurement after recognition. 12. Changes in accounting policies. 13.
IFRS 6 Exploration for and Evaluation of Mineral Resources provides guidance on accounting for exploration and evaluation expenditures, including the recognition of exploration and evaluation assets. This page provides information on the standard and amendments, with ICAEW factsheets and guides.
OBJECTIVE. IFRS 6 specifies the financial reporting for the exploration for and evaluation of mineral resources. SCOPE. apply to exploration and evaluation expenditures incurr. before the exploration for and evaluation of mineral resources, e.g. expenditures incurred before the entity has obtained the legal rights to explore a specific area.
21 sie 2024 · What You’ll Learn: IFRS 6 Requirements: Understand the key aspects of IFRS 6, including scope, recognition, and measurement. Capitalization vs. Expensing: Get guidance on when to capitalize or expense exploration and evaluation (E&E) costs.
