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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).
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.
15 sty 2004 · IFRS 6 Exploration for and Evaluation of Mineral Resources was issued in December 2004 and is effective for annual periods beginning on or after 1 January 2006. Project milestones
IFRS 6 specifies some aspects of the financial reporting for costs incurred for exploration for and evaluation of mineral resources (for example, minerals, oil, natural gas and similar non-regenerative resources), as well as the costs of determination of the technical feasibility and commercial viability of extracting the mineral resources.
