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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.
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 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.
21 sie 2024 · Our guide provides practical advice and detailed insights to help you navigate IFRS 6 with confidence. Whether you’re a seasoned professional or new to the extractives industry, this publication is an invaluable resource. Download Your Free Copy Now!
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.
IFRS6 - Free download as PDF File (.pdf), Text File (.txt) or read online for free. This document outlines IFRS 6, which provides guidance on accounting for the exploration and evaluation of mineral resources.
Detailed guide on interpreting and implementing IFRS, with illustrative examples and extracts from financial statements. The manual is available online (free registration required) as part of EY Atlas Client Edition.
