Extractives (IFRS 6/AASB 6/IFRIC 20/Interpretation 20)

Corporate Reporting Insights

BDO's monthly newsletter, Corporate Reporting Insights, keeps you up to date with the latest Australian and global developments in corporate financial and sustainability reporting.

• No change to the accounting for extractive activities (February 2024)
• Blind Freddy - Common errors when accounting for exploration and evaluation assets (March 2017).

BDO Global IFRS Resources

The following publications have been produced by the BDO Global IFRS group:

► IFRS at a Glance

A high level overview of International Financial Reporting Standards (IFRSs), including International Accounting Standards and Interpretations.

• IFRS 6 Exploration for and Evaluation of Mineral Resources
• IFRIC 20 Stripping Costs in the Production Phase of a Surface Mine.

► IFRS in Practice

Practical information about the application of key aspects of IFRS, including industry specific guidance.

• Distinguishing between a business combination and an asset purchase in the extractives industry (July 2024)
• An overview of IFRS 6 Exploration for and Evaluation of Mineral Resources (July 2024).

IFRIC agenda decisions

IFRS Interpretations Committee (the Committee) agenda decisions are those issues that the Committee decided not to take onto its agenda. Although not authoritative guidance, in practice they are regarded as being highly persuasive, and all entities reporting under IFRS should be aware of these decisions because they could impact the way particular transactions and balances are accounted for. Agenda decisions on this topic include:

• ​Application of the ‘full cost’ method (January 2006) and FAQ.