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IFRSclass.comTM |
| U.S. GAAP Codification | IFRS International Standards | Accounting Standards, ASC |
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International Financial Reporting Standard (IFRS) 6 |
| IFRS Accounting Topics |
| International Financial Reporting Standard (IFRS) 6 |
IFRS 6
Exploration for and Evaluation of Mineral Resources
Issued in December 2004
Recent amendment: by IAS 1 revised in September 2007 |
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What is an exploration and evaluation expenditure? --> an expenditure incurred --> for the exploration and evaluation of --> mineral resources Such expenditures recognised as an asset --> is called an exploration and evaluation asset |
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Measurement at recognition --> exploration and evaluation assets are measured --> at cost |
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Measurement after recognition --> choose one of the following models: (1) cost model (2) revaluation model |
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Cost model --> carrying amount = cost - accumulated depreciation - accumulated impairment losses |
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Revaluation model --> carrying amount = revalued amount |
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Revalued
amount = fair value at the date of revaluation - subsequent accumulated depreciation - subsequent accumulated impairment losses |
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Exploration and evaluation assets --> classified as tangible or intangible --> reflecting the nature of assets |
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Indication of impairment --> rules of IFRS 6 are different from those of IAS 36 |
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Impairment test --> rules of IAS 36 are applied |
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Recognition of impairment loss --> rules of IAS 36 are applied |
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| IAS 40 - IAS 41 |
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IAS 40:
Investment property |
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IAS
40 Technical Notes |
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IAS 41:
Agriculture |
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