AASB 6 - Exploration for and Evaluation of Mineral Resources - December 2004
Changes in accounting policiesChanges in accounting policies
Start here
Get a plain-English read of Changes in accounting policies
Turn the raw legal text into a practical explanation grounded in AASB 6 - Exploration for and Evaluation of Mineral Resources - December 2004.
Changes in accounting policies
13 An entity may change its accounting policies for exploration and evaluation expenditures if the change makes the financial statements more relevant to the economic decision-making needs of users and no less reliable, or more reliable and no less relevant to those needs. An entity shall judge relevance and reliability using the criteria in AASB 108.
Aus13.1 Notwithstanding paragraph 13, any change in an entity’s accounting policy for exploration and evaluation expenditures shall also remain in accordance with paragraphs Aus7.1 and Aus7.2.
14 To justify changing its accounting policies for exploration and evaluation expenditures, an entity shall demonstrate that the change brings its financial statements closer to meeting the criteria in AASB 108, but the change need not achieve full compliance with those criteria.