Special IAS Plus newsletter explains IFRS 6
01 Feb 2005
Deloitte's IFRS Global Office has published a Special Global Edition of our IAS Plus newsletter explaining (PDF 54k).
IFRS 6:
- permits entities to continue to use their existing accounting policies for exploration and evaluation assets, provided that such policies result in information that is relevant and reliable; and
- requires entities to assess any exploration and evaluation assets for impairment when facts and circumstances suggest that the carrying amount of the assets may exceed their recoverable amount. The recognition of impairment in respect of such assets is varied from that in IAS 36 Impairment of Assets but, once an impairment has been identified, it is measured in accordance with IAS 36.