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The Board is gathering evidence to help decide whether to start a project to develop proposals to replace IFRS 6 Exploration for and Evaluation of Mineral Resources.

Before deciding the scope and direction of this research project, the Board plans to hold education sessions to develop further its understanding of extractive activities and the findings of the 2010 Discussion Paper.

IASB® Update February 2021

The Board met on 17 February 2021 to discuss extractive activities in the minerals and oil and gas industries, the common accounting challenges relating to those extractive activities and the reasons for those challenges. This discussion will help the Board to decide, at a future meeting, whether to replace or amend IFRS 6 Exploration for and Evaluation of Mineral Resources.

Education session (Agenda Paper 19A)

The Board considered a summary of:

  • the life cycles of a minerals property and an oil and gas property;
  • the activities performed in each phase of those life cycles;
  • some of the financial reporting challenges associated with each phase; and
  • the reasons for those financial reporting challenges.

The Board was not asked to make any decisions.

Next milestone

Decide Project Direction

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