Financial liabilities and equity – IAS 32, IFRS 9 13 7.5. If a discovery is not made, the expenditure is charged as an expense. The entity’s right to explore in an area has expired, or will expire in the near future, without renewal. 5/14. Request this book by email. IFRS 6 makes limited changes to existing practice. Updated by a member of the DipIFR examining team. World's Best PowerPoint Templates - CrystalGraphics offers more PowerPoint templates than anyone else in the world, with over 4 million to choose from. The IFRS grants limited exemptions from the general requirement to comply with each IFRS effective at the end of its first IFRS reporting period. Non-current assets held for sale and discontinued operations By; Mohammad Fathi Aouf History of IFRS 5 Date Development September 2002 Project added to IASB agenda 24 July 2003 Exposure Draft ED 4 Disposal of Non-current Assets and Presentation of Discontinued Operations published 31 March 2004 IFRS 5 Non-current Assets Held for Sale and Discontinued Operations issued 22 May … There was a lack of guidance prior to this IFRS Standard, and where national standards did exist, the accounting practices were diverse, and a number were used throughout the world to account for the costs involved in exploration and extraction. The limitation specified in IFRS 6 is that the CGU to which the assets are allocated should not be larger than a segment of the entity. determining whether a transaction is a business combination ifrs 3 provides additional guidance on determining whether a transaction meets the definition of a business combination, and so accounted for in accordance with its requirements. At one end, IFRS 6®, Exploration for and evaluation of mineral resources has introduced certain issues for the industry, and, at the other, IFRS Standards is shifting the boundaries of cash-generating units down to the level of the petrol station or smallest group of retailing assets under IAS 36®, Impairment of assets. Exploration and development costs that are capitalised are classified as non-current assets in the statement of financial position, and should be separately disclosed on the face of the statement of financial position and distinguished from production assets, where material. No official endorsement date. ICHEC Brussels Management School - Site Anjou, Solutions Tutorial 8 Accounting for the Extractive Industries.pdf, IFRS 6 Exploration for and Evaluation of Mineral Resources.pptx, ICHEC Brussels Management School - Site Anjou • ADV FIN GEST S402, University of the Punjab, Quid-e-Azam • IAS MGT, Swinburne University of Technology • BUSINESS acc8005, University College of Bahrain, Saar • FINANCE 422, Lehman on the Brink of Bankruptcy (1).pdf, University College of Bahrain, Saar • MGT 239, University College of Bahrain, Saar • ACCOUNTING MISC. Without this exemption, it could mean that each individual extraction unit (such as an oil rig) would be treated as a CGU. World's Best PowerPoint Templates - CrystalGraphics offers more PowerPoint templates than anyone else in the world, with over 4 million to choose from. C The absence of budgeted or planned substantive expenditure on further exploration and evaluation activities in the specific area U.S. Generally Accepted Accounting Principles (GAAP) is only used in the United States. IAS 11. Canada adopted IFRS, in full, on Jan. 1, 2011. Before reclassification, the assets should be tested for impairment. Net Profit or Loss for the Period, Prior Period Items and Changes in Accounting Policies. IFRS 5. The IFRS Supplement 2020 published in December 2019 brings the manual up to date for 2020; it includes a new chapter on insurance contracts under IFRS 17 and an updated chapter on leasing under IFRS 16. D A decision to discontinue exploration and evaluation activities in the specific area when those activities have not led to the discovery of commercially-viable quantities of mineral resources Without IFRS 6, many entities would have had to change their practice of accounting for these costs. Ind AS 8. Insurance contracts – IFRS 4, IFRS 17 19 10. This is similar to IFRS 4, Insurance Contracts. No further exploration or evaluation is planned or budgeted for. However, some companies have used the ‘full cost’ approach, where all costs are capitalised. Winner of the Standing Ovation Award for “Best PowerPoint Templates” from Presentations Magazine. IFRS 6 is an interim standard, and is a short-term solution to the problem of accounting for the exploration and evaluation of mineral resource assets. A decision has been made to discontinue exploration and evaluation in an area because of the absence of commercial reserves. Mexico will require adoption of IFRS for all listed entities starting in 2012. These included capitalising the costs, or writing them off in the same way as research expenses. Exploration and evaluation expenditure might therefore be capitalised earlier than would otherwise be the case under the Conceptual Framework. IFRS. IFRS 1 First-time Adoption of International Financial Reporting Standards sets out the procedures that an entity must follow when it adopts IFRSs for the first time as the basis for preparing its general purpose financial statements. Subsequent costs incurred during the exploration and evaluation phase should be capitalised in accordance with this same policy. 2 PwC | IFRS overview 2019 Contents Introduction 4 Accounting rules and principles 5 Accounting principles and applicability of IFRS 6 First-time adoption of IFRS – IFRS 1 7 Presentation of financial statements – IAS 1 8 Accounting policies, accounting estimates and errors – IAS 8 10 Fair value – IFRS … IFRS-6 - Free download as Powerpoint Presentation (.ppt / .pptx), PDF File (.pdf), Text File (.txt) or view presentation slides online. D Whether the accounting policy results in information that is relevant and reliable. Please visit our global website instead. A Lack of sufficient data to determine whether the carrying amount of the exploration and evaluation asset is likely to be recovered in full from successful development or by sale Subsequently, cost or the revaluation model, as described in IAS 16 and IAS 38. This means that the fundamental principal of capitalisation of exploration costs, used by the majority of mining entities, still remains. It was argued that it was too harsh to force those entities that use capitalisation in their accounts to switch to expensing, even though IAS 38 requires this. Answers: 1(d), 2(c), 3(a), Virtual classroom support for learning partners, Diploma in International Financial Reporting, IFRS 6, exploration for and evaluation of mineral resources, be relevant to the decision-making needs of users. Disclosure – IFRS 7, IFRS 9 16 8. It would have forced them to fall back to the IASB Conceptual Framework, or to standards issued by their respective national standard setters. Course Hero is not sponsored or endorsed by any college or university. Basically, the entity can retain the accumulated cost as an exploration asset until there is sufficient information to determine whether there will be commercial cash flows or not. IFRS (Current IFRS 4 basis) Operating profit* Total assets Liabilities to policyholders Shareholders’ equity 4.4 466.1 403.3 15.9 European Embedded Value and other metrics New business - sales** - profits Operating profit* Underlying free surplus generation Shareholders’ equity 6.3 3.1 5.7 4.1 40.9 * Based on longer-term investment returns IFRS.1 Australia, New Zealand and Israel have essentially adopted IFRS as their national standards.2 Brazil started using IFRS in 2010. Banks may have to take a “forward-looking provision” for the portion of the loan that is likely to default, as soon as it is originated. Introducing Textbook Solutions. The emphasis on fair value, the proper accounting for financial instruments, and the new developments related to leasing, revenue recognition, and financial statement presentation are examined in light of current practice. C Only if the change makes the financial statements more relevant to the economic decision-making needs of users and no less reliable, or more reliable and no less relevant to those needs An entity should develop a policy for allocating these assets to groups of cash generating units (CGUs) and apply that policy consistently. B The expiration of the period for which the entity has the right to explore in the specific area, unless the right is expected to be renewed For a limited time, find answers and explanations to over 1.2 million textbook exercises for FREE! IFRS 6 Ex­plo­ration for and Eval­u­a­tion of Mineral Resources has the effect of allowing entities adopting the standard for the first time to use accounting policies for ex­plo­ration and eval­u­a­tion assets that were applied before adopting IFRSs. Assets recognised in respect of licences and surveys should therefore be classified as intangible assets. IAS 8. Overview. Under IFRS 16, companies will bring these leases on balance sheet, using a common methodology Recognised exploration and evaluation assets should be classified as either tangible or intangible assets under IFRS 6. 5.6 Consignment arrangements 156 5.7 Bill-and-hold arrangements 159 5.8 Customer acceptance 161 6 Scope 162 6.1 In scope 162 6.2 Out of scope 163 6.3artially in scope P 165 6.4ortfolio approach P 171 7act costs Contr 173 7.1 Costs of obtaining a contract 173 7.2 Costs of fulfilling a contract 179 7.3 Amortisation 187 Accounting Policies, Changes in Accounting Estimates and Errors. 3. C Recent pronouncements of standard-setting bodies, and accepted industry practices IFRS 6 specifies some aspects of the financial reporting for costs incurred for exploration for and evaluation of mineral resources (for example, minerals, oil, natural gas and similar non-regenerative resources), as well as the costs of determination of the technical feasibility and commercial viability of extracting the mineral resources. Impairment – IFRS 9 15 7.7. Recognition and derecognition –IAS 39, IFRS 9 14 7.6. IFRS 9 – Financial Instruments. Limited improvements to existing accounting practices for exploration and, recognize exploration and evaluation assets to assess such, Disclosures that identify and explain the amounts in the entity’s financial, statements arising from the exploration for and evaluation of mineral, International Financial Reporting Standards. The classification as ‘tangible’ or ‘intangible’, established during the exploration phase, should be continued through to the development and production phases. The facts and circumstances indicating impairment include the following: As this type of asset does not generate cash inflows, it is tested for impairment as part of a larger group of assets. The criteria to be used to determine if a policy is relevant and reliable are set out in paragraph 10 of IAS 8. Any lease with a purchase option IFRS 16 requires different and more extensive disclosures about leasing activities than IAS 17. other comprehensive income 13 Consolidated statement of changes in equity 15 About IFRS 16 3 The Group’s lease portfolio 6 Part I – Modified retrospective approach 10. D An entity would not be permitted to change accounting policy unless there is a new or revised standard that replaces the existing requirements in IFRS 6. The global body for professional accountants, Can't find your location/region listed? The impact of International Financial Reporting Standards (IFRS® Standards) has been felt extensively in the exploration industry – particularly the oil and gas industry where key dilemmas and judgements made are greatest at the exploration and production stage. Objective of IFRS # 6 Requires: • Limited improvements to existing accounting practices for exploration and evaluation expenditures. When first recognised in the statement of financial position, exploration and evaluation assets are measured using the cost model. IFRS No. Assets should be tested for impairment if the carrying amount of the asset may not be recoverable. Depreciation Accounting---AS 7. IFRS 6 Disclosures • An entity shall disclose information that identifies and explains the amounts recognised in its financial statements arising from the … Foreign currencies – IAS 21, IAS 29 17 9. A The requirements and guidance in IFRSs dealing with similar and related issues This includes a wide spectrum of data that will be used, from historic or current data (e.g. IFRS #6.pptx - IFRS Exploration for and Evaluation of Mineral Resources AA WAKIL 1 Main features of the IFRS \u2022 \u2022 \u2022 Permits an entity to develop an, 1 out of 1 people found this document helpful, Permits an entity to develop an accounting policy for exploration and, evaluation asset and continue to use the accounting policies applied, Requires entities recognizing exploration and evaluation assets to perform, an impairment test on those assets when facts and circumstances suggest, that the carrying amount of the assets may exceed their recoverable. Is an entity ever required or permitted to change its accounting policy for exploration and evaluation expenditure? What is an entity required to consider when deciding on its accounting policies for exploration and evaluation activities? Short-term leases 1.2 Short-term leases are defined in IFRS 16 as having a lease term of 12 months or less, after the assessment of any options. Which of the following facts or circumstances would not trigger a need to test an evaluation and exploration asset for impairment? be neutral (free from bias), prudent, and complete. Ind AS 115. Wiley IFRS 2019: Interpretation and application of IFRS standards PKF, Wiley, 2019 B The definitions, recognition criteria, and measurement concepts set out in the Conceptual Framework 7/14: IFRS 15 – Revenue from Contracts with Customers. AS 5. IFRS 6, exploration for and evaluation of mineral resources The impact of International Financial Reporting Standards (IFRS® Standards) has been felt extensively in the exploration industry – particularly the oil and gas industry where key dilemmas and judgements made are greatest at the exploration and production stage. IFRS 6 therefore deems these costs to be assets. The change must result in a policy that is more relevant and no less reliable, or more reliable and no less relevant, than the previous policy. A principal purpose of IFRS 6 is to specify the circumstances in which entities should test exploration and evaluation costs for impairment, and when to require disclosure of information about such assets. IFRS 6 permits entities to continue to use their existing accounting policies, provided they comply with paragraph 10 of IAS 8®, Accounting policies, changes in accounting estimates and errors â€“ that is they result in information which is relevant and reliable. They'll give your presentations a professional, memorable appearance - the kind of sophisticated look that today's audiences expect. B Entities can change accounting policies as long as the new policy results in information that is relevant and reliable Depreciation and amortisation is not calculated for the assets because the economic resource that the assets represent are not consumed until the production phase. Get step-by-step explanations, verified by experts. Please visit our global website instead, Can't find your location listed? Once the technical and commercial feasibility of extracting a mineral resource has been demonstrated, the assets fall outside IFRS 6 and are reclassified according to other IFRS Standards. 1. Consolidated statement of financial position 11 Consolidated statement of profit or loss and . Details of the amounts capitalised, and the amounts recognised as an expense from exploration, development, and production activities, should be disclosed. Revenue 1.1 IFRS 16 provides two optional recognition and measurement exemptions: • for short-term leases • for leases for which the underlying asset is of low value. A Entities are required to change accounting policy for expenditure if the change results in more useful information It was also argued that some entities are created just to carry out exploration, and once this is complete, they sell the rights to the minerals found. A policy must: Changes made to an entity’s accounting policy for exploration and extraction assets can only be made if the result is closer to the principles of the Conceptual Framework. This preview shows page 1 - 4 out of 7 pages. PowerPoint Presentations (the PowerPoint Viewer has been retired) Solutions Manual (the Word Viewer has been retired) Chapter 36: Specialized Industries and Hyperinfl ation: IFRS 4, IAS 26, IAS 29 Hedge accounting – IFRS 9 15 7.8. Amendments to IFRS 2 - Classification and Measurement of Share-based Payment Transactions. Construction Contracts. This allows an entity to apply an accounting policy for exploration and evaluation assets which is relevant and reliable, even though the policy may not be in full compliance with the Conceptual Framework. 6 753 (285) 434 22 924 IAS 17 2018/19 Retail Profit ROU Asset Depreciation Rent Elimination Other IFRS 16 2018/19 Retail Profit Summary of key retail profit impacts – FY 2018/19 (unaudited) On transition to IFRS 16, retail profit is mainly impacted by the elimination of rent expense (for in- scope leases (2) If the Conceptual Framework or IAS 36 was applied to these entities, then no assets would ever be recognised. GAAP is established by the Financial Accounting Standards Board (FASB). From Ias 39 To Ifrs 9 PPT. IFRS 6 is not currently on the work plan of the IASB. The IASB accepted these arguments and therefore issued IFRS 6. 6/16: Amendments to IFRS 4 – Applying IFRS 9 . Japan is working to achieve convergence of IFRS and began permitting certain qualifying Financial Accounting Ifrs Edition Ppt Author: electionsdev.calmatters.org-2020-11-30T00:00:00+00:01 Subject: Financial Accounting Ifrs Edition Ppt Keywords: financial, accounting, ifrs, edition, ppt Created Date: 11/30/2020 6:06:06 AM Presentation Summary : First date of application is now January 1, 2018 (was 2015) For EU countries IFRS 9 need to be endorsed by the European Commission. IFRS 6 allows entities using quite different accounting policies to all claim adherence to the standard, effectively exempting them from applying the Conceptual Framework. Measures the impairment in accordance with IAS 36. An entity accounts for its exploration and evaluation expenditure either in accordance with the Conceptual Framework or with the exemption permitted by IFRS 6. The costs capitalised under IFRS 6 might not meet the Conceptual Framework definition of an asset because, for example, the capitalisation criteria followed might not require the demonstration of present economic resource. The objective of the disclosures is to provide users of financial statements with a basis to assess the effect of leasing activities on the entity’s financial position, performance and cash flows. ifrs 6 On discovery of a commercially-viable mineral reserve, the capitalised costs are allocated to the discovery. 7.4. Ind-AS No. The assets are tested for impairment in accordance with IAS 36, subject to certain special requirements. IFRS 4 Insurance Contracts (replaced by IFRS 17 from 1 January 2021) - coming soon IFRS 5 Non-current Assets Held for Sale and Discontinued Operations IFRS 6 Exploration for and Evaluation of Mineral Assets - coming soon IAS 36 specifies that a CGU is the smallest unit for which independent cash flows can be identified. Winner of the Standing Ovation Award for “Best PowerPoint Templates” from Presentations Magazine. Impacts of IFRS 17 6. IFRS 9 – Aligns the measurement of financial assets with the bank’s business model, contractual cash flow characteristics of instruments, and future economic scenarios. International Financial Reporting Standards (IFRS) – as the name implies – is an international standard developed by the International Accounting Standards Board (IASB). Financial Instruments with IFRS 4 Insurance Contracts. IFRS 6 therefore also gives some flexibility when defining a CGU. 2. IFRS 17 will require organizations to ensure data governance, lineage and transparency across the entire reporting chain. Most of the major entities in this sector use the ‘successful efforts’ method, where the costs incurred in finding, acquiring, and developing reserves are capitalised on a ‘field by field’ basis. AS 6. 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