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Extractive Activities


The IASB's Extractive Activities project aims to resolve the issues that are unique to upstream extractive activities. The ultimate objective of the project is to develop an IFRS Standard to supersede IFRS 6 Exploration for and Evaluation of Mineral Resources.  

The IASC initiated the drive for an accounting standard aimed at resolving accounting issues endemic to extractive activities in 1998, which lead to the publication of Issues Paper Extractive Industries in November 2000. 
In 2001 the IASB announced that the project would be resumed when sufficient agenda time was available.
In 2002 the IASB decided that it was not feasible to complete a comprehensive project on accounting for extractive activities in time for IFRS adoption in 2005. As an interim measure, the IASB issued IFRS 6 Exploration for and Evaluation of Mineral Resources in 2004.
In 2010 the IASB issued a Discussion Paper Extractive Activities prepared by a staff team from National Standard Setters from Australia, Canada, Norway and South Africa. 
In 2012, following the agenda consultation in 2011, the IASB assigned the project a low priority.
In 2016, following the agenda consultation in 2015, the extractive activities project was added to the research pipeline.
In 2018 the IASB started work on the project by asking National Standard Setters that contributed to the DP to inform the IASB of any significant changes in extractive activities.

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