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Lecture IFRS primer international GAAP basics: Chapter 12 - Wiecek, Young

Chapter 12 - Exploration for and evaluation of mineral resources: IFRS 6. The main contents of the chapter consist of mains parts: Related standards, IFRS 6, current GAAP comparisons, IFRS financial statement examples, looking ahead, end-of-chapter practice. | Exploration for and Evaluation of Mineral Resources: IFRS 6 Wiecek and Young IFRS Primer Chapter 12 Exploration for and Evaluation of Mineral Resources Related standards IFRS 6 Current GAAP comparisons IFRS financial statement disclosures Looking ahead End-of-chapter practice Related Standards FAS 144 Accounting for the impairment or disposal of long-lived assets FAS 69 Disclosures about oil and gas producing activities FAS 25 Amendment of FASB Statement No. 19 FAS 19 Financial accounting by oil and gas producing companies Related Standards IAS 8 Accounting policies, changes in accounting estimates and errors IAS 16 Property, plant and equipment IAS 36 Impairment of assets IAS 37 Provisions, contingent liabilities and contingent assets IAS 38 Intangible assets IFRS 6 - Overview Objective and scope Recognition and measurement of exploration and evaluation assets Impairment Disclosure IFRS 6 – Objective and Scope IFRS 6 is limited to the accounting for and reporting of costs associated only with the exploration and evaluation of mineral resources. These activities are defined as: - the search for mineral resources after the entity has obtained legal rights to explore in a specific area, and - the determination of the technical feasibility and commercial viability of extracting the mineral resource. IFRS 6 – Objective and Scope IFRS 6 is an interim measure pending completion of a major project on extractive activities. Permits continuation of accounting policies used prior to adoption of IFRS Accounting policies may be inconsistent with IFRS Framework IFRS 6 – Recognition and Measurement of Exploration and Evaluation Assets Recognition: Companies use a variety of methods to account for exploration and evaluation activities, from expensing all related costs to fully capitalizing them Therefore, exploration and evaluation assets are defined in terms of the policy each company chooses IFRS 6 – Recognition and Measurement of Exploration . | Exploration for and Evaluation of Mineral Resources: IFRS 6 Wiecek and Young IFRS Primer Chapter 12 Exploration for and Evaluation of Mineral Resources Related standards IFRS 6 Current GAAP comparisons IFRS financial statement disclosures Looking ahead End-of-chapter practice Related Standards FAS 144 Accounting for the impairment or disposal of long-lived assets FAS 69 Disclosures about oil and gas producing activities FAS 25 Amendment of FASB Statement No. 19 FAS 19 Financial accounting by oil and gas producing companies Related Standards IAS 8 Accounting policies, changes in accounting estimates and errors IAS 16 Property, plant and equipment IAS 36 Impairment of assets IAS 37 Provisions, contingent liabilities and contingent assets IAS 38 Intangible assets IFRS 6 - Overview Objective and scope Recognition and measurement of exploration and evaluation assets Impairment Disclosure IFRS 6 – Objective and Scope IFRS 6 is limited to the accounting for and reporting