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.

Other Standards have made minor consequential amendments to IFRS 6, including Amendments to References to the Conceptual Framework in IFRS Standards (issued March 2018).

CONTENTS

from paragraph

INTERNATIONAL FINANCIAL REPORTING STANDARD 6 EXPLORATION FOR AND EVALUATION OF MINERAL RESOURCES

OBJECTIVE 1

SCOPE 3

RECOGNITION OF EXPLORATION AND EVALUATION ASSETS 6

Temporary exemption from IAS 8 paragraphs 11 and 12 6

MEASUREMENT OF EXPLORATION AND EVALUATION ASSETS 8

Measurement at recognition 8

Elements of cost of exploration and evaluation assets 9

Measurement after recognition 12

Changes in accounting policies 13

PRESENTATION 15

Classification of exploration and evaluation assets 15

Reclassification of exploration and evaluation assets 17

IMPAIRMENT 18

Recognition and measurement 18

Specifying the level at which exploration and evaluation assets are assessed for impairment 21

DISCLOSURE 23

EFFECTIVE DATE 26

TRANSITIONAL PROVISIONS 27

APPENDICES

A Defined terms

B Amendments to other IFRSs

APPROVAL BY THE BOARD OF IFRS 6 ISSUED IN DECEMBER 2004

APPROVAL BY THE BOARD OF AMENDMENTS TO IFRS 1 AND IFRS 6 ISSUED IN JUNE 2005

FOR THE BASIS FOR CONCLUSIONS, SEE PART C OF THIS EDITION

• BASIS FOR CONCLUSIONS
• DISSENTING OPINIONS

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. Paragraphs in bold type state the main principles. Terms defined in Appendix A are in italics the first time they appear in the Standard. Definitions of other terms are given in the Glossary for International Financial Reporting Standards. IFRS 6 should be read in the context of its objective and the Basis for Conclusions, the Preface to IFRS Standards and the Conceptual Framework for Financial Reporting. IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors provides a basis for selecting and applying accounting policies in the absence of explicit guidance.