IFRS 6 Mineral Resources Exploration & Evaluation 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.
IFRS 6 Mineral Resources Exploration & Evaluation:
- Permits an entity to develop an accounting policy for exploration and evaluation assets without specifically considering the requirements of paragraphs 11–12 of IAS 8 Accounting Policies, Changes in Estimates & Errors. Thus, an entity adopting IFRS 6 Mineral Resources Exploration & Evaluation may continue to use the accounting policies applied immediately before adopting IFRS 6 Mineral Resources Exploration & Evaluation.
- Requires entities recognizing exploration and evaluation assets to perform an impairment test on those assets when facts and circumstances suggest that the carrying amount of the assets may exceed their recoverable amount.
- Varies the recognition of impairment from that in IAS 36 Impairment of Assets but measures the impairment in accordance with that Standard once the impairment is identified.
IFRS 6 Mineral Resources Exploration & Evaluation is Copyright: IFRS Foundation
|IFRS||International Financial Reporting Standards||0||IFRS|
|IFRS06||IFRS 6 Mineral Resources Exploration & Evaluation||1||IFRS06|
|IAS36||IAS 36 Impairment of Assets||IAS36|
|IAS08||IAS 8 Accounting Policies, Changes in Estimates & Errors||IAS08|