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Entities engaged in surface mining operations often need to ‘strip’ mine waste materials in order to gain access to mineral ore deposits. Two benefits are associated with such ‘stripping’:
- Usable ore which produces inventory.
- Improved access to ore which will be mined in the future IFRIC 20 requires that:
- Costs of stripping which provide benefit in the form of inventory are accounted for under IAS 2C.
- Costs of stripping which provide benefit in the form of improved access to ore are recognised as a non-current asset when certain criteria are met. Such an asset is initially measured at cost and subsequently carried at cost or revalued amount less depreciation / amortisation and impairment losses.
All amendments issued up to and including the publication date of 1 January 2022 are included within the IFRS Foundation’s latest version of the issued interpretation: 2022 Issued Standards – IFRIC 20. Issued amendments may, therefore, have a mandatory effective date that is later than 1 January 2022 – see below for details.
Any amendments issued after 1 January 2022 will not be included in the IFRS Foundation’s 2022 Issued Standards but will be listed below and identified as such.
See the Corporate Reporting Faculty’s annual IFRS factsheets for a more detailed discussion of recent IFRS amendments.
Amendments to References to the Conceptual Framework in IFRS Standards – amendment to IFRIC 20
Mandatory date: Annual periods beginning on or after 1 January 2020. Earlier application is permitted.
A footnote is added to IFRIC 20 to clarify that the Interpretation refers to the 2010 Conceptual Framework for Financial Reporting rather than the 2018 Conceptual Framework.
IFRS accounting standards referred to by IFRIC 20
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