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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 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.
International Financial Reporting Standard 6 Exploration for and Evaluation of Mineral Resources (IFRS 6) is set out in paragraphs 1–27 and Appendices A and B. All the paragraphs have equal authority.
21 sie 2024 · What You’ll Learn: IFRS 6 Requirements: Understand the key aspects of IFRS 6, including scope, recognition, and measurement. Capitalization vs. Expensing: Get guidance on when to capitalize or expense exploration and evaluation (E&E) costs. Impairment and Disclosure: Learn about the specific requirements for impairment testing and disclosure.
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.
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.
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 • Contains an exemption from certain of the requirements of IFRS, meaning that there are fewer
