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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.
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).
INTERNATIONAL FINANCIAL REPORTING STANDARD 6 EXPLORATION FOR AND EVALUATION OF MINERAL RESOURCES. 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.
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 is an interim standard, and is a short-term solution to the problem of accounting for the exploration and evaluation of mineral resource assets.
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.
The objective of IFRS 6 is to specify the financial reporting for the exploration for and evaluation of mineral resources. The principal objective of IFRS 6 is to limit the need for entities to change their existing accounting policies for exploration and evaluation assets.
