International Financial Reporting Standard (IFRS) 6 «Exploration for and Evaluation of Mineral Resources»

Contents

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

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.