Version date: 26 February 2020 - onwards
Separate definitions of 'exploration' and 'evaluation' (paras. BC14-BC15)
BC14 Some respondents asked the Board to provide separate definitions of exploration and evaluation. The Board considered using the definitions provided in the Issues Paper Extractive Industries published by its predecessor, the Board of the International Accounting Standards Committee, in November 2000, because those definitions would be acceptable to many respondents, particularly because they are based on definitions that have been used for a number of years in both the mining and the oil and gas sectors.
BC15 The Board concluded that distinguishing between evaluation and exploration would not improve the IFRS. Exploration and evaluation are accounted for in the same way.