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New on the Horizon: Extractive Activities
Accounting for extractive activities has resulted in many difficulties over the years and has led to the development of a variety of approaches. With the widespread use of International Financial Reporting Standards (IFRS), it was recognized that extractive activities was an area in which there was little guidance. In December 2004, the International Accounting Standards Board (IASB) released IFRS 6 Exploration for and Evaluation of Mineral Resources as an interim measure. Last month, the IASB issued a working draft of the project team's discussion paper.
New on the Horizon: Extractive Activities discusses the working draft of the discussion paper on Extractive Activities. It includes a discussion of the key elements of the proposed requirements and respective observations, and highlights areas that may result in a change of practice.
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