CONTENTS

COMPILATION DETAILS

Comparison With IFRS 6

Accounting Standard

AASB 6 Exploration for and Evaluation of Mineral Resources

Paragraphs

Objective 1 – 2

Application Aus2.1 – Aus2.7

Scope 3 – 5

Recognition of Exploration and Evaluation Assets

Temporary exemption from AASB 108 paragraphs 11 and 12 6 – 7

Treatment of exploration and evaluation expenditures Aus7.1 – Aus7.3

Measurement of Exploration and Evaluation Assets

Measurement at recognition 8

Elements of cost of exploration and evaluation assets 9 – 11

Measurement after recognition 12

Changes in accounting policies 13 – 14

Presentation

Classification of exploration and evaluation assets 15 – 16

Reclassification of exploration and evaluation assets 17

Impairment

Recognition and measurement 18 – 20

Specifying the level at which exploration and evaluation assets are assessed for impairment 21 – Aus22.1

Disclosure 23 – 25

Transitional Provisions 27 – Aus27.1

Appendices:

A. Defined terms Page 11

B. Amendments to other Australian Accounting Standards Page 12

DELETED IFRS 6 TEXT Page 13

Basis for conclusions on IFRS 6

(available on the AASB website)

Australian Accounting Standard AASB 6 Exploration for and Evaluation of Mineral Resources (as amended) is set out in paragraphs 1 – Aus27.1 and Appendix A. All the paragraphs have equal authority. Paragraphs in bold type state the main principles. Terms defined in this Standard are in italics the first time they appear in the Standard. AASB 6 is to be read in the context of other Australian Accounting Standards, including AASB 1048 Interpretation and Application of Standards, which identifies the Australian Accounting Interpretations. In the absence of explicit guidance, AASB 108 Accounting Policies, Changes in Accounting Estimates and Errors provides a basis for selecting and applying accounting policies.