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IFRS 6 — Exploration for and Evaluation of Mineral Resources

Effective date:

First effective as Canadian GAAP under Part I for interim and annual financial statements relating to fiscal years beginning on or after January 1, 2011.  Earlier application of Part I was permitted.

Published by the IASB:

December 2004

Included in Part I of CPA Canada Handbook:

January 2010

Overview

IFRS 6 Exploration for and Evaluation of Mineral Resources has the effect of allowing entities adopting the standard for the first time to use accounting policies for exploration and evaluation assets that were applied before adopting IFRSs. It also modifies impairment testing of exploration and evaluation assets by introducing different impairment indicators and allowing the carrying amount to be tested at an aggregate level.

History of IFRS 6

The following table shows the history of this standard subsequent to the adoption of IFRS in Canada.

Date1

Development

Comments

Included in Part I of the CPA Canada Handbook2

January 2010

Part I of the CPA Canada Handbook issued

Effective for interim and annual financial statements relating to fiscal years beginning on or after January 1, 2011. Earlier application is permitted.

January 2010

Notes

  1. Newly issued, amended or revised IFRSs are part of Canadian GAAP only after they are approved by the Accounting Standards Board in accordance with its due process.
  2. For further details of relevant developments prior to this, please refer to our Deloitte Global section.

The above summary does not include details of consequential amendments made as the result of other projects.

Related Interpretations

  • None

Related IFRIC Agenda Rejection Notices

The rejection notices are available in our Deloitte Global section.

  • IFRS 6 — Application of the full-cost method (January 2006)

AcSB’s IFRS Discussion Group meetings

  • November 29, 2016 - IFRS 6: Technical Feasibility and Commercial Viability
  • September 13, 2016 - IFRS 6: Technical Feasibility and Commercial Viability
  • December 9, 2014 - IFRS 3, IFRS 6, IFRS 10 and IAS 16: Acquisition of an Entity Holding a Single Asset

Amendments under consideration

  • None

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.