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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).
The objective of this IFRS is to specify the financial reporting for the exploration for and evaluation of mineral resources.
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.
The objective of this IFRS is to specify the financial reporting for the exploration for and evaluation of mineral resources. In particular, the IFRS requires: . limited improvements to existing accounting practices for exploration and evaluation expenditures.
21 sie 2024 · Accurate accounting for exploration and evaluation activities is crucial for compliance and transparency in financial reporting. Our guide provides practical advice and detailed insights to help you navigate IFRS 6 with confidence.
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.
