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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. Elements of cost of exploration and evaluation assets
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.
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.
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.
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.
IFRS 6 Exploration for and Evaluation of Mineral Resources. The objective of this IFRS is to specify the financial reporting for the exploration for and evaluation of mineral resources.
1. The objective of this IFRS is to specify the financial reporting for the exploration for and evaluation of mineral resources. 2. In particular, the IFRS requires: . limited improvements to existing accounting practices for exploration and evaluation expenditures.
