Document ID: chunk:federal_register_of_legislation:F2021C00708:body:0:p2
Version: federal_register_of_legislation:F2021C00708
Segment Type: other
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Character Range: 3029–6152

AASB 6 Exploration for and Evaluation of Mineral Resources (as amended) is set out in paragraphs 1 – Aus27.2 and Appendices A – C.  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 of Standards, which identifies the Australian Accounting Interpretations, and AASB 1057 Application of Australian Accounting Standards.  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.

Comparison with IFRS 6
AASB 6 Exploration for and Evaluation of Mineral Resources as amended incorporates IFRS 6 Exploration for and Evaluation of Mineral Resources as issued and amended by the International Accounting Standards Board (IASB).  Australian‑specific paragraphs (which are not included in IFRS 6) are identified with the prefix "Aus".  Paragraphs that apply only to not-for-profit entities begin by identifying their limited applicability.

Tier 1
For-profit entities complying with AASB 6 also comply with IFRS 6.
Not-for-profit entities' compliance with IFRS 6 will depend on whether any "Aus" paragraphs that specifically apply to not-for-profit entities provide additional guidance or contain applicable requirements that are inconsistent with IFRS 6.

Tier 2
Entities preparing general purpose financial statements under Australian Accounting Standards – Simplified Disclosures (Tier 2) will not be in compliance with IFRS Standards.
AASB 1053 Application of Tiers of Australian Accounting Standards explains the two tiers of reporting requirements.

Accounting Standard AASB 6

The Australian Accounting Standards Board made Accounting Standard AASB 6 Exploration for and Evaluation of Mineral Resources under section 334 of the Corporations Act 2001 on 7 August 2015.

This compiled version of AASB 6 applies to annual periods beginning on or after 1 July 2021.  It incorporates relevant amendments contained in other AASB Standards made by the AASB up to and including 6 March 2020 (see Compilation Details).

Accounting Standard AASB 6

Exploration for and Evaluation of Mineral Resources

Objective
1 The objective of this Standard is to specify the financial reporting for the exploration for and evaluation of mineral resources.
          AusCF1 AusCF paragraphs included in this Standard apply only to:
               (a) not-for-profit entities; and
               (b) for-profit entities that are not applying the Conceptual Framework for Financial Reporting (as identified in AASB 1048 Interpretation of Standards).
          Such entities are referred to as 'AusCF entities'.  For AusCF entities, the term 'reporting entity' is defined in AASB 1057 Application of Australian Accounting Standards and Statement of Accounting Concepts SAC 1 Definition of the Reporting Entity also applies.  For-profit entities applying the Conceptual Framework for