ObjectiveObjective

Objective

1 The objective of this Standard is to specify the financial reporting for the exploration for and evaluation of mineral resources.

2 In particular, the Standard requires:

(a) limited improvements to existing accounting practices for exploration and evaluation expenditures;

(b) entities that recognise exploration and evaluation assets to assess such assets for impairment in accordance with this Standard and measure any impairment in accordance with AASB 136 Impairment of Assets; and

(c) disclosures that identify and explain the amounts in the entity’s financial statements arising from the exploration for and evaluation of mineral resources and help users of those financial statements understand the amount, timing and certainty of future cash flows from any exploration and evaluation assets recognised.