IFRS 6 Clean-up Issue
A technical correction was proposed to IFRS1.36B to give effect to the intent of the Board as outlined in BC65, to provide relief from restating comparative information (rather than just producing comparative disclosures).
After some discussion, the Board concluded that IFRS1.36B did not correctly reflect the intention of the Board and that the correction should be made. The Board did not believe this issue warranted an exposure draft therefore, it would proceed as follows:
- Include this issue in the next IASB Update publication, as well as highlight the issue on the IASB website.
- Consider any reactions from constituents at the next Board meeting.
- Subject to comments received, the correction would be made to the literature.
The new paragraph (36B) would be as follows:
36B. An entity that adopts IFRSs before 1 January 2006 and chooses to adopt IFRS 6 Exploration for and Evaluation of Mineral Resources before 1 January 2006 need not apply the requirements of IFRS 6 to comparative information in its first IFRS financial statements.