BC66 The following is a summary of the main changes from ED 6 to the IFRS. The Board:

(a) deleted the specific prohibition against including administration and other general overhead costs in the initial measurement of an exploration and evaluation asset (paragraph BC28).

(b) introduced a requirement for the entity to classify exploration and evaluation assets as either tangible or intangible according to the nature of the asset acquired and to apply this classification consistently (paragraphs BC32-BC34).

(c) amended the impairment principle so that an impairment is recognised on the basis of an assessment of facts and circumstances and measured, presented and disclosed in accordance with IAS 36, subject to the modification of the level at which the impairment is assessed (paragraphs BC36-BC39).

(d) deleted the indicators of impairment proposed in ED 6 and replaced them with examples of facts and circumstances that would suggest that an exploration and evaluation asset was impaired (paragraphs BC36-BC39).