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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.
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.
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.
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.
Table of Contents. INTRODUCTION. This issue of IFRS in Practice summarises the requirements of IFRS 6 Exploration for and Evaluation of Mineral Resources, and looks at a number of practical issues which often arise in practice. Key aspects of IFRS 6 are that it: Applies only to Exploration and Evaluation (E&E) expenditure.
IFRS 6 Exploration for and Evaluation of Mineral Resources provides guidance on accounting for exploration and evaluation expenditures, including the recognition of exploration and evaluation assets. This page provides information on the standard and amendments, with ICAEW factsheets and guides.
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.
