IFRS 6

IFRS, FOUNDATION

dc.contributor.author	IFRS, FOUNDATION
dc.date.accessioned	2021-08-31T13:25:31Z
dc.date.available	2021-08-31T13:25:31Z
dc.date.issued	2005-06
dc.identifier.uri	http://41.66.247.10:8080/xmlui/handle/123456789/391
dc.description	About IFRS 6 specifies some aspects of the financial reporting for costs incurred for exploration for and evaluation of mineral resources (for example, minerals, oil, natural gas and similar non-regenerative resources), as well as the costs of determination of the technical feasibility and commercial viability of extracting the mineral resources. IFRS 6: permits an entity to develop an accounting policy for exploration and evaluation assets without specifically considering the requirements of paragraphs 11–12 of IAS 8. Thus, an entity adopting IFRS 6 may continue to use the accounting policies applied immediately before adopting IFRS 6. requires entities recognising exploration and evaluation assets to perform an impairment test on those assets when facts and circumstances suggest that the carrying amount of the assets may exceed their recoverable amount. varies the recognition of impairment from that in IAS 36 but measures the impairment in accordance with that Standard once the impairment is identified. Standard history In December 2004 the International Accounting Standards Board issued IFRS 6 Exploration for and Evaluation of Mineral Resources. Other Standards have made minor consequential amendments to IFRS 6, including Amendments to References to the Conceptual Framework in IFRS Standards (issued March 2018).	en_US
dc.description.abstract	About IFRS 6 specifies some aspects of the financial reporting for costs incurred for exploration for and evaluation of mineral resources (for example, minerals, oil, natural gas and similar non-regenerative resources), as well as the costs of determination of the technical feasibility and commercial viability of extracting the mineral resources. IFRS 6: permits an entity to develop an accounting policy for exploration and evaluation assets without specifically considering the requirements of paragraphs 11–12 of IAS 8. Thus, an entity adopting IFRS 6 may continue to use the accounting policies applied immediately before adopting IFRS 6. requires entities recognising exploration and evaluation assets to perform an impairment test on those assets when facts and circumstances suggest that the carrying amount of the assets may exceed their recoverable amount. varies the recognition of impairment from that in IAS 36 but measures the impairment in accordance with that Standard once the impairment is identified. Standard history In December 2004 the International Accounting Standards Board issued IFRS 6 Exploration for and Evaluation of Mineral Resources. Other Standards have made minor consequential amendments to IFRS 6, including Amendments to References to the Conceptual Framework in IFRS Standards (issued March 2018).	en_US
dc.description.sponsorship	ERNEST YAW DENKYIRA NANCY OWUSU BEMPONG	en_US
dc.language.iso	en	en_US
dc.publisher	The Institute of Chartered Accountants Ghana	en_US
dc.relation.ispartofseries	2005;
dc.subject	IFRS 6	en_US
dc.title	IFRS 6	en_US
dc.type	Plan or blueprint	en_US