IFRS6_06 - IFRS 6 International Financial Reporting...

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IFRS 6 © IASCF 585 International Financial Reporting Standard 6 Exploration for and Evaluation of Mineral Resources This version includes an amendment to the Basis for Conclusions published on 30 June 2005.
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IFRS 6 586 © IASCF C ONTENTS paragraphs INTRODUCTION IN1–IN5 INTERNATIONAL FINANCIAL REPORTING STANDARD 6 EXPLORATION FOR AND EVALUATION OF MINERAL RESOURCES OBJECTIVE 1–2 SCOPE 3–5 RECOGNITION OF EXPLORATION AND EVALUATION ASSETS 6–7 Temporary exemption from IAS 8 paragraphs 11 and 12 6–7 MEASUREMENT OF EXPLORATION AND EVALUATION ASSETS 8–14 Measurement at recognition 8 Elements of cost of exploration and evaluation assets 9–11 Measurement after recognition 12 Changes in accounting policies 13–14 PRESENTATION 15–17 Classification of exploration and evaluation assets 15–16 Reclassification of exploration and evaluation assets 17 IMPAIRMENT 18–22 Recognition and measurement 18–20 Specifying the level at which exploration and evaluation assets are assessed for impairment 21–22 DISCLOSURE 23–25 EFFECTIVE DATE 26 TRANSITIONAL PROVISIONS 27 APPENDICES A Defined terms B Amendments to other IFRSs APPROVAL OF IFRS 6 BY THE BOARD APPROVAL OF AMENDMENTS TO IFRS 1 AND IFRS 6 BY THE BOARD BASIS FOR CONCLUSIONS
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IFRS 6 © IASCF 587 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 International Financial Reporting Standards and the Framework for the Preparation and Presentation of Financial Statements . 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.
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IFRS 6 588 © IASCF Introduction Reasons for issuing the IFRS IN1 The International Accounting Standards Board decided to develop an International Financial Reporting Standard (IFRS) on exploration for and evaluation of mineral resources because: (a) until now there has been no IFRS that specifically addresses the accounting for those activities and they are excluded from the scope of IAS 38 Intangible Assets . In addition, ‘mineral rights and mineral resources such as oil, natural gas and similar non-regenerative resources’ are excluded from the scope of IAS 16 Property, Plant and Equipment . Consequently, an entity was required to determine its accounting policy for the exploration for and evaluation of mineral resources in accordance with paragraphs 10–12 of IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors .
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This note was uploaded on 06/12/2011 for the course ECON 801 taught by Professor Brend during the Summer '11 term at Abu Dhabi University.

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IFRS6_06 - IFRS 6 International Financial Reporting...

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