Extractive Industries – International Accounting Standards Board
Date recorded:
At its meeting on February 16-17, 2021, the IASB met to discuss extractive activities in the minerals and oil and gas industries, the common accounting challenges relating to those extractive activities and the reasons for those challenges. This discussion will help the Board to decide, at a future meeting, whether to replace or amend IFRS 6, Exploration for and Evaluation of Mineral Resources. The Board considered a summary of:
- the life cycles of a minerals property and an oil and gas property;
- the activities performed in each phase of those life cycles;
- some of the financial reporting challenges associated with each phase; and
- the reasons for those financial reporting challenges.
The Board was not asked to make any decisions. The Board will begin its discussion on the scope of the project next.
Review the IASB Update and podcast on the Board's Web site.