IFRS for mining | IFRS 16 Leases- Practical application guidance 37. Mining services contracts range from equipment hire, to full scale management of mining operations. Where contracts include the use of equipment, companies will need to assess whether the contract is, or contains a lease or multiple leases.

With the exception of IFRS 6 Exploration for and Evaluation of Mineral Resource, there is no specific guidance for mining activities, and some of the 

Understand some of the practical challenges in applying IFRS 15, Revenue from contracts with customers, that are common to the mining industry.

IFRS for mining | IFRS 16 Leases– Practical application guidance 37. Mining services contracts range from equipment hire, to full scale management of mining operations. Where contracts

under IFRS 6. It is presumed that historical cost determined under GAAP for mining entities is consistent with IAS 16 and can be carried forward. However, on conversion to IFRS, an entity has the option of deeming the fair value of any PP&E asset at that date as its cost. Such choices may have a significant impact on opening equity and

always applied with regard to extractive activities (IASB, ). In the absence of IFRS Standards, national standard setters have attempted to fill the gaps. For example, PwC ( , p. 21) notes that with regard to mining companies applying IFRS : ‘the most common approach is

IFRS 9 requires entities to use an expected credit loss ('ECL') model to measure impairment of most financial assets. The ECL model requires consideration of both historical and current information, as well as reasonable and supportable forecasts of future conditions (including macroeconomic information).

Example 3 – Corporate parent company Company C, is a Canadian-based junior exploration company. Company C has a subsidiary in Brazil. No exploration work is undertaken in Canada. •Company C has no revenue; salary and administrative costs are paid in C$. •The Argentina subsidiary has a peso functional currency as most expenses are in peso.

Mining companies around the world have already made the transition to IFRS and have been working with the new standards since 2005. Their experience highlights 

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. IFRS 6:

IFRS industry insights: Mining sector — IFRS 15, the new revenue Standard could impact profile of revenue and profit recognition. Published on: 08 Oct 2015. This pub­li­ca­tion

Therefore, while this viewpoint provides guidance on the general accounting considerations relating to the cryptocurrency mining industry, each specific 

This methodology is understood by mining companies and generally where the provisionally priced fair value gain/loss is significant detailed disclosure is given in the financial statements. However, the IASB has recently issued new financial instruments guidance (IFRS 9), which changes the approach taken to embedded derivatives in certain respects.

under IFRS 6. It is presumed that historical cost determined under GAAP for mining entities is consistent with IAS 16 and can be carried forward. However, on conversion to IFRS, an entity

To provide some guidance and a transition for entities in the extractive industry that are adopting IFRS, the IASB issued IFRS 6 Exploration for and Evaluation 

26 September : Many junior mining companies are not able to identify any benefits in the International Financial Reporting Standards

Mining Industry Task Force on IFRS Standards. International Financial Reporting Standards (IFRS®) create unique challenges for mineral 

The impact of International Financial Reporting Standards (IFRS® Standards) has been felt extensively in the exploration industry – particularly the oil and 

accounting policies for mining industry in the Philippines. The Financial Reporting Based on IFRS 6, the exploration and evaluation expenditures are.

Set of example IFRS accounts for the year ended 31 December for a fictional group and its subsidiaries within the mining and metals sector.

Effective the first quarter of , (March 31 for many of Canada's mining companies), public companies on the Toronto Stock Exchange (TSX) and the TSX Venture Exchange will be reporting under IFRS.