IASB proposes an amendment to IFRS 6

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02 May 2005

The IASB is seeking comments by 3 June 2005 on a proposed small amendment to IFRS 6 Exploration for and Evaluation of Mineral Resources and, as a consequence, an amendment to IFRS 1 First-time Adoption of International Financial Reporting Standards. You can Download the Exposure Draft from the IASB's website.

The proposed amendment would clarify that an entity that both (a) adopts IFRSs for the first time before 1 January 2006 and (b) applies IFRS 6 before that date is exempted not only from providing comparative prior-period disclosures but also from applying the recognition and measurement requirements of IFRS 6 in the prior comparative period. The Board hopes to issue the final amendment before 30 June 2005.

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