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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
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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.

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eBooks

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Extractive industries 🔒
EY, International GAAP 2020 (2020)
The latest edition of this comprehensive guide offers a global perspective and explanations of complex technical accounting issues to help practitioners interpret and implement IFRS. It contains worked examples and illustrations from published financial reports of major listed companies from around the world. This chapter discusses IFRS 6.

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.

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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

iGAAP 2019: A guide to IFRS reporting (Volume A)
Deloitte, Croner-i, 2019
Practical and comprehensive guidance for entities currently reporting under IFRS and those considering whether to move to IFRS in the near future.
Request this book by email

GAAP 2019: UK reporting – IFRSs (Volume C)
Deloitte, Croner-i, 2019
Comprehensive manual explaining how to apply IFRS, focusing on practical implementation issues with commentary and analysis of issues specific to UK companies.
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Insights into IFRS 2019–20
KPMG, Sweet and Maxwell, 2019
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.
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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. The IFRS Supplement 2020 published in December 2019 brings the manual up to date for 2020; it includes a new chapter on insurance contracts under IFRS 17 and an updated chapter on leasing under IFRS 16.
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Wiley IFRS 2019: Interpretation and application of IFRS standards
PKF, Wiley, 2019
Reference manual providing full coverage of the latest standards and thorough guidance for implementation, featuring practical tools and insight from a practitioner's perspective.
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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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