IFRS 6 Exploration for and Evaluation of Mineral Resources

Objective

1 The objective of this IFRS is to specify the financial reporting for the exploration for and evaluation of mineral resources.

2 In particular, the IFRS requires:

  1. limited improvements to existing accounting practices for exploration and evaluation expenditures.
  2. entities that recognise exploration and evaluation assets to assess such assets for impairment in accordance with this IFRS and measure any impairment in accordance with IAS 36 Impairment of Assets.
  3. disclosures that identify and explain the amounts in the entity’s financial statements arising from the exploration for and evaluation of mineral resources and help users of those financial statements understand the amount, timing and certainty of future cash flows from any exploration and evaluation assets recognised.

Scope

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