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Description :
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The objective of IFRS 6 is to specify the financial reporting for the exploration for and evaluation of mineral resources. IFRS 6 is the first phase of a project on accounting for extractive activities and has the objective to provide interim guidance until the IASB has completed its comprehensive review. Until IFRS 6 was issued, there was no International Financial Reporting Standard covering the recognition, measurement and disclosure of exploration and evaluation assets.
The main features of IFRS 6 are:
• to permit an entity adopting IFRS 6 to continue to use the accounting policies applied immediately before adopting the IFRS without requiring major changes,
• to require an impairment test of exploration and evaluation assets when facts and circumstances suggest that the carrying amount of the assets may exceed their recoverable amount,
• to require disclosures that identify and explain the amounts arising from the exploration for and evaluation of mineral resources.
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Working groups :
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EFRAG Technical Expert Group (EFRAG TEG) -
EFRAG Secretariat -
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Current Project Status :
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Published in Official Journal
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Efrag Output
No 'Efrag Output'
Comment Letters
No 'Comment Letters'
Other Input
No 'Other Input'
News Items
No 'Linked News Items'
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