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International Financial
Reporting Standards (IFRS) |
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| U.S. GAAP | IFRS, IAS | Accounting Topics |
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| International Financial Reporting Standard (IFRS) 6 |
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--> 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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--> exploration and evaluation assets are measured --> at cost |
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--> choose one of the following models: (1) cost model (2) revaluation model |
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--> carrying amount = cost - accumulated depreciation - accumulated impairment losses |
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--> carrying amount = revalued amount |
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= fair value at the date of revaluation - subsequent accumulated depreciation - subsequent accumulated impairment losses |
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--> classified as tangible or intangible --> reflecting the nature of assets |
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--> rules of IFRS 6 are different from those of IAS 36 |
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--> rules of IAS 36 are applied |
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--> rules of IAS 36 are applied |
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