Document ID: chunk:federal_register_of_legislation:F2021C00708:body:0:p8
Version: federal_register_of_legislation:F2021C00708
Segment Type: other
Provision Reference: 
Character Range: 19489–22412

from the exploration for and evaluation of mineral resources.
24 To comply with paragraph 23, an entity shall disclose:
(a) its accounting policies for exploration and evaluation expenditures including the recognition of exploration and evaluation assets.
(b) the amounts of assets, liabilities, income and expense and operating and investing cash flows arising from the exploration for and evaluation of mineral resources.
Aus24.1 In addition to the disclosure required by paragraph 24(b), an entity that recognises exploration and evaluation assets for any of its areas of interest shall, in disclosing the amounts of those assets, provide an explanation that recoverability of the carrying amount of the exploration and evaluation assets is dependent on successful development and commercial exploitation, or alternatively, sale of the respective areas of interest.
25 An entity shall treat exploration and evaluation assets as a separate class of assets and make the disclosures required by either AASB 116 or AASB 138 consistent with how the assets are classified.

Effective date
26 An entity shall apply this Standard for annual periods beginning on or after 1 January 2016. Earlier application is encouraged for periods beginning on or after 1 January 2014 but before 1 January 2016. If an entity applies the Standard for a period beginning before 1 January 2016, it shall disclose that fact.
26A AASB 2019-1 Amendments to Australian Accounting Standards – References to the Conceptual Framework, issued in 2019, added AusCF paragraphs and amended paragraph 10. An entity shall apply the amendments for annual periods beginning on or after 1 January 2020. Earlier application is permitted if at the same time an entity also applies all other amendments made by AASB 2019-1. An entity shall apply the amendments to AASB 6 retrospectively in accordance with AASB 108 Accounting Policies, Changes in Accounting Estimates and Errors. However, if an entity determines that retrospective application would be impracticable or would involve undue cost or effort, it shall apply the amendments to AASB 6 by reference to paragraphs 23–28, 50–53 and 54F of AASB 108.

Transitional provisions
27 If it is impracticable to apply a particular requirement of paragraph 18 to comparative information that relates to annual periods beginning before 1 January 2005, an entity shall disclose that fact. AASB 108 explains the term 'impracticable'.

Commencement of the legislative instrument
Aus27.1 [Repealed]

Withdrawal of AASB pronouncements
Aus27.2 This Standard repeals AASB 6 Exploration for and Evaluation of Mineral Resources issued in December 2004.  Despite the repeal, after the time this Standard starts to apply under section 334 of the Corporations Act (either generally or in relation to an individual entity), the repealed Standard continues to apply in relation to any period ending before that time as if the repeal