Extractive activities – Exploration for and evaluation of mineral resources
As part of the possible comprehensive project on extractive activities, the IASB decided in September 2002 that it was not feasible to complete the comprehensive project in time for entities to apply as part of the adoption of IFRS by many entities in 2005.
Accordingly, the IASB undertook a short-term project on the accounting for exploration and evaluation expenditures, designed to make limited improvements to accounting practices without requiring major changes that might be reversed in any comprehensive project on extractive activities.
Current status of the project
This project has been completed. IFRS 6 Exploration for and Evaluation of Mineral Resources was issued in December 2004 and is effective for annual periods beginning on or after 1 January 2006.
|15 January 2004||Exposure Draft ED 6 Exploration for and Evaluation of Mineral Resources issued||Comment deadline 16 April 2004|
|10 December 2004||IFRS 6 Exploration for and Evaluation of Mineral Resources||Effective for annual periods beginning on or after 1 January 2006|