Skip to Main Content
Wiley Interpretation and Application of IFRS Standards
book

Wiley Interpretation and Application of IFRS Standards

by PKF International Ltd
May 2018
Intermediate to advanced content levelIntermediate to advanced
1016 pages
38h 56m
English
Wiley
Content preview from Wiley Interpretation and Application of IFRS Standards

32Extractive Industries

  1. Introduction
  2. Definitions of Terms
  3. Exploration and Evaluation of Mineral Resources
    1. Background
    2. IFRS 6 in Greater Detail
    3. Cash-Generating Units for Exploration and Evaluation Assets
  4. Assets Subject to IFRS 6
    1. Categorisation
    2. Availability of Cost or Revaluation Models
    3. Financial Statement Classification
    4. Disclosure Requirements Under IFRS 6
  5. Example of Financial Statement Disclosures
  6. IFRIC 20 Stripping Cost in the Production Phase of a Surface Mine
  7. Example of Financial Statement Disclosures
  8. Future Developments
    1. Extractive Industry Discussion Paper
  9. US GAAP Comparison

Introduction

IFRS 6 deals with the accounting of exploration for, and the evaluation of, mineral resources. In April 2010, the IASB published the results of an international research project on a possible future IFRS for extractive activities in the form of a discussion paper—Extractive Activities. This chapter reports both on IFRS 6 and possible future developments. However, the IASB has paused the project and moved extractive activities to an inactive phase they are not currently working on.

IFRS 6 does not address other aspects of accounting by entities engaged in the exploration for and evaluation of mineral resources. An entity shall not apply IFRS 6 to expenditures incurred:

  1. Before the exploration for and evaluation of mineral resources, such as expenditures incurred before the entity has obtained the legal rights to explore a specific area;
  2. After the technical feasibility and commercial ...
Become an O’Reilly member and get unlimited access to this title plus top books and audiobooks from O’Reilly and nearly 200 top publishers, thousands of courses curated by job role, 150+ live events each month,
and much more.
Start your free trial

You might also like

Wiley Interpretation and Application of IFRS Standards

Wiley Interpretation and Application of IFRS Standards

PKF International Ltd
Wiley IFRS 2014: Interpretation and Application of International Financial Reporting Standards

Wiley IFRS 2014: Interpretation and Application of International Financial Reporting Standards

Bruce Mackenzie, Danie Coetsee, Tapiwa Njikizana, Edwin Selbst, Raymond Chamboko, Blaise Colyvas, Brandon Hanekom

Publisher Resources

ISBN: 9781119461500