The International Accounting Standards Board (IASB) is exploring whether to develop requirements or guidance to improve an entity’s disclosures about its exploration and evaluation expenditure and activities. The IASB is also exploring whether to remove the temporary status of IFRS 6 Exploration for and Evaluation of Mineral Resources.
The IASB is researching what information users of financial statements need about exploration and evaluation expenditure and activities, why they do not currently get that information, and the costs and benefits of requiring an entity to provide that information.
The IASB met on 22 September 2022 to discuss its Extractive Activities research project. The scope and objective of the project is to explore:
The IASB discussed: (a) findings from the first phase of the project; (b) disclosure suggestions; and (c) the plan for further research on developing requirements or guidance to improve the disclosure objectives and requirements of IFRS 6.
The IASB was not asked to make any decisions.