13. • Entity need to obtain legal rights to explore in
a specific area
• Exploration and evaluation expenditures are
expenditures incurred
• Expenditures recognized as assets in
accordance with the entity’s accounting policy.
14. • Allows continuing to use recognition and
measurement practices that are part of those
accounting policies
• Impairment test on those assets when
– Carrying amount > Recoverable amount
– Period expiration
– No fruitful discovery made
15. • Disclosure
– Amounts recognized in its financial statements
arising from the exploration for and evaluation of
mineral resources
17. • To evaluate the nature and financial effects of
the business activities in which it operates.
• Deciding how to allocate resources and in
assessing performance
18. • IFRS 8 shall apply to:
– Separate or individual financial statements of an
entity
– Consolidated financial statements of a group with
a parent
• debt or equity instruments are traded in a public
market
• purpose of issuing any class of instruments in a public
market
19. Disclosure:-
– About its operating segments in interim financial
reports.
– About products and services, geographical areas and
major customers.