BC17 A variety of accounting practices are followed by entities engaged in the exploration for and evaluation of mineral resources. These practices range from deferring on the balance sheet nearly all exploration and evaluation expenditure to recognising all such expenditure in profit or loss as incurred. The IFRS permits these various accounting practices to continue. Given this diversity, some respondents to ED 6 opposed any exemption from paragraphs 11 and 12 of IAS 8. These respondents were concerned that entities could give the appearance of compliance with IFRSs while being inconsistent with the stated objectives of the IASB, ie to provide users of financial statements with financial information that was of high quality, transparent and comparable. The Board did not grant the exemption from parts of IAS 8 lightly, but took this step to minimise disruption, especially in 2006 (or 2005, for those entities that adopt the IFRS early), both for users (eg lack of continuity of trend da
…Version date: 26 February 2020 - onwards
Version 1 of 1