BC67 Following the issue of the revised Conceptual Framework for Financial Reporting in 2018 (2018 Conceptual Framework), the Board issued Amendments to References to the Conceptual Framework in IFRS Standards. In IFRS 6, that document replaced a reference in paragraph 10 to the Framework with a reference to the 2018 Conceptual Framework. The Board does not expect that replacement to have a significant effect on the application of the Standard for the following reasons:

(a) The Board does not expect the application of the revised definition of an asset, together with the revised recognition criteria, to lead to significant changes in practice for entities that applied the Framework when developing their accounting policies for recognition of assets arising from development of mineral resources. Although the Board replaced the probability and reliability recognition criteria with recognition criteria based on the qualitative characteristics of useful financial information, the 2018 Conceptual Framework specifies low probability of an inflow or outflow of economic benefits and measurement uncertainty as factors to be considered in decisions about recognition.

(b) Entities that apply IAS 38 to develop their accounting policies for recognition of assets arising from development of mineral resources will not be affected by the amendment of the reference to the Framework in IFRS 6.