7.11.2 Accounting for jointly controlled assets (“JCA”) . The costs of exploration are for discovering mineral resources; the costs of 

4 IFRS for mining | IFRS 16 Leases – Practical application guidance© KPMG, an Australian partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss

Costs consist of mining, transportation, and milling costs including applicable overhead, depreciation, depletion and amortization relating to the operations. Mine Exploration and Development Costs Accounting Standards Updates to Become Effective in Future Periods. In August , the FASB issued ASU No. -06 Debt with Conversion and

General Tax Accounting Principles in the Mining Industry. Exploration – expenditures paid or incurred by the taxpayer for ascertaining the.

Prepared by Chartered Professional Accountants of Canada (CPA Canada) and the Prospectors and Developers Association of Canada (PDAC), Viewpoints: Applying IFRS in the Mining Industry — Underground Development Costs focuses on challenges faced when accounting for underground development costs, such as: determining which types of costs qualify

The accounting treatment of exploration and evaluation expenditure can have a fundamental impact on the financial statements of a mining entity, particularly 

a mine, any more exploration or evaluation expenses are usually treated as development costs. Any capitalised exploration and evaluation costs are transferred into development costs. 1.2.3

Elements of cost of exploration and evaluation assets Mineral Resources issued by the International Accounting Standards Board (IASB).

About. IFRS 6 specifies some aspects of the financial reporting for costs incurred for exploration for and evaluation of mineral resources (for example, minerals, oil, natural gas and similar non-regenerative resources), as well as the costs of determination of the technical feasibility and commercial viability of extracting the mineral resources.

International Financial Reporting Standards (IFRS) provide the basis for financial reporting to the capital markets in an increasing number of countries around the

Accounting for the extractive industries is a specialist area that requires expertise and an understanding of the business. On this page you can access a range of articles, books and online resources providing quick links to practical guidance and background information, including the Statement of Recommended Practice: Accounting for Oil and Gas Exploration, Development,