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In December 2004 the International Accounting Standards Board issued IFRS 6 Exploration for and Evaluation of Mineral Resources. Other Standards have made minor consequential amendments to IFRS 6, including. 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.
Overview. 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 · 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.
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.
The scope of IFRS 6 Exploration for and Evaluation of Mineral Resources is limited to the recognition, measurement and disclosure of expenditure incurred in the phase covering the E&E of mineral resources.
2 sty 2012 · Exploration and evaluation is the search for mineral resources after the receipt of the legal rights to explore in a specific area, as well as the determination of the technical feasibility and commercial viability of extracting the mineral resource.
