Temporary exemption from AASB 108 paragrTemporary exemption from AASB 108 paragraphs 11 and 12

Temporary exemption from AASB 108 paragraphs 11 and 12

6 When developing its accounting policies, an entity recognising exploration and evaluation assets shall apply paragraph 10 of AASB 108 Accounting Policies, Changes in Accounting Estimates and Errors and paragraphs Aus7.1 and Aus7.2 below.

7 Paragraphs 11 and 12 of AASB 108 specify sources of authoritative requirements and guidance that management is required to consider in developing an accounting policy for an item if no Standard applies specifically to that item. Subject to paragraphs 9 and 10 below, this Standard exempts an entity from applying those paragraphs to its accounting policies for the recognition and measurement of exploration and evaluation assets.