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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.

IASB® Update March 2022

The IASB met on 22 March 2022 to consider its plan to explore:

  • developing requirements or guidance to improve an entity’s disclosures about its exploration and evaluation expenditure and activities in order to provide more useful information to primary users of financial statements; and
  • removing the temporary status of IFRS 6 Exploration for and Evaluation of Mineral Resources.

The plan outlined the research the IASB would need to do to understand:

  1. users’ information needs;
  2. why users do not currently get information they need;
  3. the costs of requiring entities to provide information that users need; and
  4. whether the comprehensive review of extractive activities as envisaged by the IASB in 2004 has been completed and, consequently, whether the temporary status of IFRS 6 can be removed.

The IASB decided that, as part of its work on exploring the removal of IFRS 6’s temporary status, it would explore removing paragraphs 13 and 14 of the Standard.

The IASB decided to proceed with the plan.

All 11 IASB members agreed with this decision.

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