The scope of the IFRS 6 "Exploration for and evaluation of mineral resources" is rather limited and covers the costs incurred by the company after ob- taining
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Blind Freddy – Common errors when accounting for exploration and evaluation assets. The ‘Blind Freddy’ proposition is a term used by Justice Middleton in the case of ASIC v Healey & Ors [ ] (Centro case) to describe glaringly obvious mistakes. AASB 6 Exploration for and Evaluation of Mineral Resources is in many ways a unique standard
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Although much of this work was of service later in development for production, the cost may reasonably all be charged to exploration. The summarized costs follow: In addition, $60,325 had been expended covering inventory at time of temporary shut-down, and not charged off on the books. 2. Ashley mine.
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mining exploration costs are expenditures required to delineate the extent and quality of an ore body and may include core drilling, assaying, engineering fees, geological fees, exploratory shafts, pits, drifts, etc. exploration costs may be either capitalized into the cost depletion basis or expensed in the full amount in the year incurred by
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7 rows · 2001/4/1 · Overview. IFRS 6 Exploration for and Evaluation of Mineral Resources has the effect of allowing entities adopting the standard for the first time to use accounting policies for
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Elements of cost of exploration and evaluation assets. 9-11. Measurement after recognition. 12. Changes in accounting policies. 13-14. PRESENTATION.
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IAS 36 Impairment of Assets applies to the accounting for the impair b. substantive expenditure on further exploration for and evaluation of mineral
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of exploration and evaluation activity in 2004, "International Financial Reporting Standard (IFRS) 6". This standard reflects the divergence of accounting treatments across jurisdictions, and thus allows the treatment of costs to be considered on a case by case basis, including capitalizing costs or writing them off as an expense.
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Understand the nature and structure of joint ventures in the minerals and mining industry. Learn the external financial reporting requirements for joint ventures. Comprehend the mechanisms of financing and reporting the operations of joint ventures. Appreciate the issues regarding intra-partner relationships, including cost allocation and audits.
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Elements of cost of exploration and evaluation assets. 9-11. Measurement after recognition. 12. Changes in accounting policies. 13-14. PRESENTATION.
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Elements of cost of exploration and evaluation assets Mineral Resources issued by the International Accounting Standards Board (IASB).
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5/17 · Then IFRS 6 Exploration for and Evaluation of Mineral Resources was introduced in December 2004, allowing the capitalization of E&E costs and things carried on pretty much as before. Fast forward to 2014. Many juniors are suffering, a consequence of which is hard decisions on their E&E assets and the resulting impairment charges, the impact of
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Accounting for leases There are a number of changes to lease accounting applying the requirements of IFRS 16, those resulting in specific implementation issues for the mining industry are covered within this publication. The key changes include: Lease accounting Lease definition Lease and non lease components Mining services contracts
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The value of metals accounted for about 32% of the total, an increase of about 33% compared with the value of metal mine production in 2004. The value of industrial minerals mine production increased by nearly 6% from the 2004 level.
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4/22 · Mine Exploration Activities. One issue with the accounting for mining is that a mine operator first has to engage in exploration activities in order to even figure out where to
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IFRS and the mining industry Top ten accounting issues for Canadian issuers August 2008. top ten accounting issues 1. Impairment 6 Exploration for and Evaluation of Mineral It is presumed that historical cost determined under GAAP for mining entities is consistent with IAS 16 and can be carried forward.
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