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Extractive Industries – International Accounting Standards Board

Date recorded:

At its meeting on July 22-23, 2020, the IASB met to discuss research findings to help the Board decide, at a future meeting, whether to replace or amend IFRS 6. The Board considered research findings on how an entity would account for activities within the scope of IFRS 6 in the absence of that Standard, by applying IAS 16, Property, Plant and Equipment and IAS 38, Intangible Assets. The Board was not asked to make any decisions. The Board considered academic evidence on extractive activities, after a review of literature relevant to IFRS 6. The Board was not asked to make any decisions. The Board will continue to discuss research findings on extractive activities and it will hold educational sessions to develop its understanding further.

Review the IASB Update and podcast on the Board's Web site.

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