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IFRS 6 Exploration for and evaluation of mineral rights

IFRS 6 Exploration for and Evaluation of Mineral Resources provides guidance on accounting for exploration and evaluation expenditures, including the recognition of exploration and evaluation assets. The standard was published in December 2004 and is effective from 1 January 2006.

Full text standard

Unaccompanied version of IFRS 6
The International Accounting Standards Board (IASB) provides free access to the consolidated unaccompanied international accounting standards for the current year through its website. Free registration is required.

This unaccompanied version does not include additional content that accompanies the full standard, such as illustrative examples, implementation guidance and bases for conclusions.

IFRS 6 summary and timeline

Looking for the synopsis? Our IFRS 6 summary and timeline are now on a separate page, featuring information on current proposals and a timeline of IASB updates.

Which version of the standard?

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The ICAEW Library also offers members and students access to the print versions of the latest IFRS Blue and Red Books. Contact us by telephone on +44 (0)20 7920 8620, by web chat or by email at library@icaew.com


eBooks

Access to eBooks is only available to ICAEW members and ACA students – please log in to view these titles.

IFRS 2018: Interpretation and application of IFRS standards 🔒
PKF (2018)
This Wiley guide has been fully updated to help practitioners apply and comply with the latest international financial reporting standards. It provides detailed guidance along with illustrative examples. The chapter on extractive industries covers:

  • Exploration and evaluation of mineral resources
  • Assets subject to IFRS 6
  • Examples of financial statement disclosures.

If you have any difficulties using these eBooks, please see our Help and support advice or contact library@icaew.com.


Example accounts

IFRS model accounts and disclosure checklists
Online disclosure checklists, general IFRS illustrative statements and compliance questionnaires collected by the ICAEW Library.

Company Reporting (Croner-i)

The ICAEW Library can provide examples of real-life company reports to help keep you up-to-date with reporting practices and benchmark your financial reporting compliance. Company Reporting analyses current IFRS disclosures from public companies, organised by industry sector. It also provides detailed monthly Common Practice reports on specific issues.

Contact us on +44 (0)20 7920 8620, by web chat, or at library@icaew.com to get any documents from Company Reporting.


External resources

Some guides and comparisons that we link to may pre-date the latest amendments to this standard. While these resources contain useful information, please treat them with appropriate caution.

Financial reporting in the mining industry: International Financial Reporting Standards
Publication from PwC which looks at the financial reporting implications of IFRS within the mining industry. Published in November 2012.

IFRS in practice: An overview of IFRS 6 
A BDO 2013 guide which summarises the requirements of IFRS 6 Exploration for and Evaluation of Mineral Resources and looks at a number of practical issues which often arise in practice (including 'Farm-in' arrangements).


Further reading

Manuals and handbooks

The ICAEW Library stocks the latest IFRS handbooks and manuals. You can browse all our books on IFRS 6 and mining industry accounting or request any of the following popular titles by contacting us on +44 (0)20 7920 8620, by web chat, or at library@icaew.com

International GAAP 2019
EY, Wiley, 2019
Comprehensive reference guide to interpreting and implementing IFRS, featuring detailed analysis of technical accounting issues accompanied by worked examples and illustrations taken from the actual financial statements of companies that report under IFRS.
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Manual of accounting: IFRS for the UK 2019
PwC, Tolley, 2018
Practical guidance on the standards and the accounting requirements of UK law applicable to UK users of IFRS. This manual was published in November 2018 and includes key updates from amendments, annual improvements and the revised conceptual framework issued in March 2018.
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Insights into IFRS 2018–19
KPMG, Thomson Reuters, 2018
Manual providing practical guidance with an emphasis on the real-life application of IFRS, with examples based on actual questions that have arisen in practice around the world. This book deals with standards issued by the IASB as at 1 August 2018.
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iGAAP 2018: A guide to IFRS reporting (Volume A)
Deloitte, Croner-i, 2018
Practical and comprehensive guidance for entities currently reporting under IFRS and those considering whether to move to IFRS in the near future. This manual deals with standards issued by the IASB as at 1 September 2017.
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GAAP 2018: UK reporting - IFRSs (Volume C)
Deloitte, Croner-i, 2018
Comprehensive manual explaining how to apply IFRS, focusing on practical implementation issues with commentary and analysis of issues specific to UK companies. This volume deals with standards issued by the IASB as at 1 September 2017.
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Wiley IFRS 2018: Interpretation and application of IFRS standards
PKF, Wiley, 2018
Reference manual providing full coverage of the latest standards and thorough guidance for implementation, featuring practical tools and insight from a practitioner's perspective.
Request this book

Articles

The ICAEW Library subscribes to over 160 current journals and magazines, as well as offering access to 1,800 key UK and international business, management and trade titles online. You can browse articles on IFRS 6 and mining industry accounting or request any of the selected articles below by contacting us on +44 (0)20 7920 8620, by web chat, or at library@icaew.com

At the coalface
J.Daboo, Accountancy, June 2010
The article identifies the ways in which International Financial Reporting Standards (IFRSs) do not address some of the key financial reporting challenges associated with mining, oil and gas companies. Shows how other GAAPs accommodate these, and how IFRS might achieve this based on the IASB discussion paper DP/2010/1, "Extractive Activities".

IFRS 6- where next?
M.Brooks, Accountancy, January 2008
Examines the IASB's efforts to create a comprehensive single set of standards for extractive industries.

Digging for justice
R.Murphy, Accountancy, December 2005
The campaigning organisation Global Witness has published a report calling for an International Financial Reporting Standard (IFRS) for the upstream (ie exploration and production) extractive industries that will reflect the economic needs of the developing world. The author reports.

Digging deep
J.Lowes, Accountancy, February 2004
In the first of a series of articles looking at conversion to International Financial Reporting Standards (IFRS) in specific industry sectors, the author looks at the challenges facing the extractives industry.

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