Dissent of Robert P Garnett, James J Leisenring, Warren J McGregor and John T Smith

DO1 Messrs Garnett, Leisenring, McGregor and Smith dissent from the issue of IFRS 6.

DO2 These four Board members dissent because they would not permit entities the alternative of continuing their existing accounting treatment for exploration and evaluation assets. In particular, they believe that all entities should be required to apply paragraphs 11 and 12 of IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors when developing an accounting policy for exploration and evaluation assets. These Board members believe that the requirements in IAS 8 have particular relevance and applicability when an IFRS lacks specificities, as is the case for entities recognising exploration and evaluation assets. This is especially true because the IFRS allows the continuation of a variety of measurement bases for these items and, because of the failure to consider the Framework, [The reference to the Framework is to the IASC's Framework for the Preparation and Presentation of Financial Statements, adopted by the Board in 2001 and in effect when the Standard was developed.] may result in the inappropriate recognition of assets. In the view of these Board members, if an entity cannot meet those requirements, it should not be allowed to describe its financial statements as being in accordance with International Financial Reporting Standards.