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IFRS06

IFRS 6 Mineral Resources Exploration & Evaluation

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 IFRS06 may continue to use the accounting policies applied immediately before adopting IFRS06.
  • 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

Hierarchy

IDNameLevelx
IFRSInternational Financial Reporting Standards0IFRS
IFRS06IFRS 6 Mineral Resources Exploration & Evaluation1IFRS06

Term(s)

IDNameClearx
IAS36IAS 36 Impairment of AssetsIAS36
IAS08IAS 8 Accounting Policies, Changes in Estimates & ErrorsIAS08
IFRS 6 Mineral Resources Exploration & Evaluation International Financial Reporting Standards 00000 1 IFRS, Standard, Financial, Reporting, GAAP, Minerals, Oil, Gas, Exploration, Evaluation, Energy, EO&G IFRS 6 specifies some aspects of the financial reporting for costs incurred for exploration for and evaluation of mineral resources