The IASB met on September 20, 2023, to discuss the project ‘s direction. The IASB tentatively decided not to develop requirements or guidance to disclose information to help users of financial statements (i) understand how an entity accounts for exploration and evaluation expenditure; (ii) compare entities with varying accounting policies for exploration and evaluation expenditure; and (iii) understand the risks and uncertainties of an entity’s exploration and evaluation activities; and not to pursue other suggestions to improve disclosure requirements related to exploration and evaluation expenditure and activities.

The IASB tentatively decided to confirm that the work done in publishing the Discussion Paper Extractive Activities in April 2010 and in this Extractive Activities research project completes the comprehensive review of the accounting for extractive activities envisaged by the IASB when issuing IFRS 6 Exploration for and Evaluation of Mineral Resources; to remove, as part of its next volume of Annual Improvements to IFRS Accounting Standards, the temporary nature of the exemption in IFRS 6 from the application of paragraphs 11–12 of IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors; and to retain paragraphs 13–14 of IFRS 6, which set out the circumstances when an entity may change its accounting policies for exploration and evaluation expenditure.

As a consequence of the tentative decisions made in the project, the IASB decided to stop the project and to add to the maintenance project pipeline a project to remove, as part of its next volume of Annual Improvements to IFRS Accounting Standards, the temporary nature of the exemption in IFRS 6 from the application of paragraphs 11–12 of IAS 8.

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