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International Financial
Reporting Standards (IFRS) |
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| U.S. GAAP | IFRS, IAS | Accounting Topics |
International Financial Reporting Standard (IFRS) 6
Exploration for and Evaluation of Mineral Resources
International Financial
Reporting Standards (IFRS) |
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International Accounting
Standards (IAS) |
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U.S. GAAP by Topic |
| International Financial Reporting Standard (IFRS) 6 |
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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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