IFRS 6 Exploration for and Evaluation of Mineral Resources
In December 2004 the International Accounting Standards Board issued IFRS 6 Exploration for and Evaluation of Mineral Resources.
Some other standards have made small changes to IFRS 6, including amendments to references to the conceptual framework in IFRS standards.
IFRS 6 permits companies to maintain their current accounting policies for exploration and evaluation assets when they initially adopt the standard.
It changes how exploration and evaluation assets are tested for impairment. It introduces new indicators and allows testing at a combined level, not exceeding a segment.
IFRS 6 was issued in December 2004 and applies to annual periods beginning on or after 1 January 2006.
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