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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).
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.
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.
Objective. 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.
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 specifies the financial reporting for the exploration for and evaluation of mineral resources. SCOPE IFRS 6 shall apply to exploration and evaluation expenditures incurred. This standard does not apply to expenditures incurred: • before the exploration for and evaluation of mineral resources, e.g. expenditures incurred before the entity
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.
