How to reflect the costs of exploration and extraction of minerals according to IFRS

МСФО на практике. 2022. № 8.

Pavlov P.

Mining is one of the few industries for which there is a separate standard — IFRS 6 "Exploration and Evaluation of mineral Reserves". Companies to whose reporting this standard applies extract a variety of resources used in other industries as raw materials. The specifics of the activity determine the general nature of industry-specific IFRS, as well as the great importance of professional judgment. Firstly, IFRS 6 regulates only the accounting for exploration and evaluation of minerals, without affecting other operations, in particular extraction, revaluation and sale. Secondly, those accounting sections covered by IFRS 6 are presented in a very general way, including by reference to other standards. See how to create international reporting for a mining company based on the experience of industry experts.

Keywords: добыча полезных ископаемых, IFRS, МСФО, International Reporting Standards, международная отчетность, Mining activities