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Compiled AASB Standard  AASB 6

Exploration for and Evaluation of Mineral Resources

This compiled Standard applies to annual periods beginning on or after 1 July 2021.  Earlier application is permitted for annual periods beginning on or after 1 January 2014 but before 1 July 2021.  It incorporates relevant amendments made up to and including 6 March 2020.
Prepared on 8 June 2021 by the staff of the Australian Accounting Standards Board.
Compilation no. 2
Compilation date:  30 June 2021

Obtaining copies of Accounting Standards

Compiled versions of Standards, original Standards and amending Standards (see Compilation Details) are available on the AASB website: www.aasb.gov.au.

Australian Accounting Standards Board
PO Box 204
Collins Street West
Victoria   8007
AUSTRALIA

Phone: (03) 9617 7600
E-mail: standard@aasb.gov.au
Website: www.aasb.gov.au

Other enquiries

Phone: (03) 9617 7600
E-mail: standard@aasb.gov.au

COPYRIGHT

© Commonwealth of Australia 2021

This compiled AASB Standard contains IFRS Foundation copyright material.  Reproduction within Australia in unaltered form (retaining this notice) is permitted for personal and non-commercial use subject to the inclusion of an acknowledgment of the source.  Requests and enquiries concerning reproduction and rights for commercial purposes within Australia should be addressed to The National Director, Australian Accounting Standards Board, PO Box 204, Collins Street West, Victoria 8007.

All existing rights in this material are reserved outside Australia.  Reproduction outside Australia in unaltered form (retaining this notice) is permitted for personal and non-commercial use only.  Further information and requests for authorisation to reproduce for commercial purposes outside Australia should be addressed to the IFRS Foundation at www.ifrs.org.

Contents

COMPARISON WITH IFRS 6
ACCOUNTING STANDARD
AASB 6 EXPLORATION FOR AND EVALUATION OF MINERAL RESOURCES

from paragraph
Objective 1
Scope 3
Recognition of exploration and evaluation assets
Temporary exemption from AASB 108 paragraphs 11 and 12 6
Treatment of exploration and evaluation expenditures Aus7.1
Measurement of exploration and evaluation assets
Measurement at recognition 8
Elements of cost of exploration and evaluation assets 9
Measurement after recognition 12
Changes in accounting policies 13
Presentation
Classification of exploration and evaluation assets 15
Reclassification of exploration and evaluation assets 17
Impairment
Recognition and measurement 18
Specifying the level at which exploration and evaluation assets are assessed for impairment 21
Disclosure 23
Effective date 26
Transitional provisions 27
Commencement of the legislative instrument
Withdrawal of AASB pronouncements Aus27.2
Appendices
A  Defined terms
B  Australian defined terms
C  Australian simplified disclosures for Tier 2 entities
Compilation details

available on the AASB website
Basis for Conclusions on IFRS 6

Australian Accounting Standard 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