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Applying IFRS in the extractive industries

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24 Sep 2003

The IASB has approved in principle the proposals that will be included in an exposure draft on how companies in the mining and oil and gas industries should apply existing IFRS.

Exploration costs would be added to the scopes of both IAS 16 and IAS 38 (those Standards currently exclude such costs). However, the exposure draft will propose that both current IFRS appliers and first-time adopters will be allowed to continue their current accounting practices for exploration costs.

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