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Newsletter on stripping costs in the production phase of a surface mine

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07 Sep 2010

Deloitte's IFRS Global Office has published an IFRS in Focus Newsletter — IFRS Interpretations Committee issues Draft Interpretation on Stripping Costs in the Production Phase of a Surface Mine.

This newsletter describes the recent IFRS Interpretations Committee draft Interpretation DI/2010/1 Stripping Costs in the Production Phase of a Surface Mine. The draft Interpretation was developed in response to a request for guidance on accounting for waste removal costs incurred in the production phase of a surface mine. The draft Interpretation addresses the following issues:
  • whether the definition of an asset is met;
  • when the stripping campaign component should be recognised; and
  • how the stripping campaign component should be measured at initial recognition and subsequently.
The draft Interpretation comment period ends on 30 November 2010.

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