Cost of activities related to technical feasibility and commercial viability of extracting mineral However, expenditure related to the development of mineral resources shall not be recognized as exploration and evaluation costs. These are dealt in as per IAS 38 on intangible assets as development costs. Accounting for exploration and evaluation.
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Learn More16/05/2022 · The costs to assign to a fixed asset are its purchase cost and any costs incurred to bring the asset to the location and condition needed for it to operate in the manner intended by management. More specifically, assign the following costs to a fixed asset: Purchase price of the item and related taxes. Construction cost of the item, which can
Learn MoreInternally generated goodwill is within the scope of IAS 38 but is not recognised as an asset because it is not an identifiable resource. Expenditure for an intangible item is recognised as
Learn MoreFor a lease to exist, there has to be an identified asset, determined as follows: 1.1.1 Specified asset A contract contains a lease only if it relates to an identified asset. There may be an identified asset if there is a specified asset.
Learn Moremining companies – has not been sufficiently considered, The initial cost of the assets on the balance sheet is formed in the capitalization of costs.
Learn Moremining costs for mining companies in the exploration and evaluation phases (Zhou et al, ). The accounting treatment of exploration and evaluation expenditure can have a fundamental impact on the financial statements of a mining entity, particularly for junior mining companies with no producing assets (PWC, 2007). IFRS 6 prescribes that a mining
Learn Moreasset at that date as its cost. Such choices may have a significant impact on opening equity and on future earnings. Independently, after initial recognition, classes of PP&E assets may be measured either at cost or on a revaluation model based on fair value, if the latter is reliably measurable. We do not expect many mining
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