Les couts de recherche et de developpement des hydrocarbures: prise en compte, amortissement et evaluation

Annexe 4

Exposure Draft ED6:

Exploration for and Evaluation of Mineral Resources

L'annexe 4 est une reproduction du projet de norme ED6, Exploration for and Evaluation of Mineral Resources, publié par l'IASB en janvier 2004, et dans lequel les entreprises de recherche et de production d'hydrocarbures sont exemptes de certaines dispositions des IFRS et du cadre conceptuel de l'IASB. La date d'application proposée est le 1^er janvier 2005.

EXPOSURE DRAFT

ED 6 Exploration for and

Evaluation of Mineral Resources

Comments to be received by 16 April 2004

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Exposure Draft

ED 6 EXPLORATION FOR
AND EVALUATION OF
MINERAL RESOURCES

Comments to be received by 16 April 2004

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ED 6 EXPLORATION FOR AND EVALUATION OF MINERAL RESOURCES

ED 6 Exploration for and Evaluation of Mineral Resources is published by the International Accounting Standards Board (IASB) for comment only. The proposals may be modified in the light of the comments received before being issued as an International Financial Reporting Standard (IFRS). Comments on the draft IFRS and the Basis for Conclusions (see separate booklet) should be submitted in writing so as to be received by 16 April 2004.

All responses will be put on the public record unless the respondent requests confidentiality. However, such requests will not normally be granted unless supported by good reason, such as commercial confidence. If commentators respond by fax or email, it would be helpful if they could also send a hard copy of their response by post. Comments should preferably be sent by email to: [e-mail] or addressed to:

Colin Fleming

International Accounting Standards Board

30 Cannon Street, London EC4M 6XH, United Kingdom

Fax: [phone]

Copyright (c) 2004 International Accounting Standards Committee Foundation (IASCF)

ISBN for this part: 1-904230-37-7

ISBN for complete publication (two parts): 1-904230-39-3

All rights reserved. Copies of the draft IFRS and its accompanying documents may be made for the purpose of preparing comments to be submitted to the IASB, provided such copies are for personal or intra-organisational use only and are not sold or disseminated and provided each copy acknowledges the International Accounting Standards Committee Foundation's copyright and sets out the IASB's address in full. Otherwise, no part of this publication may be translated, reprinted or reproduced or utilised in any form either in whole or in part or by any electronic, mechanical or other means, now known or hereafter invented, including photocopying and recording, or in any information storage and retrieval system, without permission in writing from the International Accounting Standards Committee Foundation.

The IASB logo/«Hexagon Device», «IAS», «IASB», «IASCF», «IASC», «IFRIC», «IFRS», «International Accounting Standards» and «International Financial Reporting Standards» are Trade Marks of the International Accounting Standards Committee Foundation.

Additional copies of this publication may be obtained from:

IASCF Publications Department,

1st Floor, 30 Cannon Street, London EC4M 6XH, United Kingdom.

Tel: [phone] Fax: [phone] Email: [e-mail] Web: www.iasb.org

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Contents

pages

INVITATION TO COMMENT 4-6

paragraphs

INTRODUCTION IN1-IN11

Reasons for issuing the [draft] IFRS IN1- IN2

Application of IFRSs to entities engaged in the exploration for

and evaluation of mineral resources IN3-IN4

Main features of the [draft] IFRS IN5-IN11

[Draft] International Financial Reporting Standard X Exploration for and Evaluation of Mineral Resources

OBJECTIVE	1
SCOPE	2-3
RECOGNITION OF EXPLORATION AND EVALUATION ASSETS	4-5
Temporary exemption from some other IFRSs	4-5
MEASUREMENT OF EXPLORATION AND EVALUATION ASSETS	6-11
Measurement at recognition	6
Elements of exploration and evaluation assets	7-9
Measurement after recognition	10
Changes in accounting policies	11
IMPAIRMENT	12-14
Recognition and measurement	12
Identifying an exploration and evaluation asset that may be impaired	13
Cash-generating unit for exploration and evaluation assets	14
DISCLOSURE	15-16
EFFECTIVE DATE	17

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APPENDICES

A Defined terms

B Amendments to other IFRSs

Basis for Conclusions (see separate booklet)

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INVITATION TO COMMENT

The International Accounting Standards Board invites comments on any aspect of this Exposure Draft of its proposed IFRS Exploration for and Evaluation of Mineral Resources and the related Basis for Conclusions. It would particularly welcome answers to the questions set out below. Comments are most helpful if they indicate the specific paragraph or group of paragraphs to which they relate, contain a clear rationale and, where applicable, provide a suggestion for alternative wording.

Comments should be submitted in writing so as to be received no later than 16 April 2004.

Until an IFRS based on this Exposure Draft becomes effective, existing International Financial Reporting Standards, including International Accounting Standards, remain in effect.

Question 1 - Definition and additional guidance

The proposed IFRS includes definitions of exploration for and evaluation of mineral resources, exploration and evaluation expenditures, exploration and evaluation assets and a cash-generating unit for exploration and evaluation assets. The draft IFRS identifies expenditures that are excluded from the proposed definition of exploration and evaluation assets. Additional guidance is proposed in paragraph 7 to assist in identifying exploration and evaluation expenditures that are included in the definition of an exploration and evaluation asset (proposed paragraphs 7 and 8, Appendix A and paragraphs BC12-BC14 of the Basis for Conclusions).

Question 2 - Method of accounting for exploration for and evaluation of mineral resources

(a) Paragraphs 10-12 of IAS 8 Accounting Policies, Changes in Accounting

Estimates and Errors specify sources of authoritative requirements and guidance an entity should consider in developing an accounting policy for an item if no IFRS applies specifically to that item. The proposals in the draft IFRS would exempt an entity from considering the sources in paragraphs 11 and 12 when assessing its existing accounting policies for exploration and evaluation expenditures by permitting an alternative treatment for the recognition and measurement of exploration and evaluation assets. In particular, the draft IFRS would permit an entity to

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ED 6 EXPLORATION FOR AND EVALUATION OF MINERAL RESOURCES

continue to account for exploration and evaluation assets in accordance with the accounting policies applied in its most recent annual financial statements.

(b) The Exposure Draft proposes that an entity would continue to use its

existing accounting policies in subsequent periods unless and until the entity changes its accounting policies in accordance with IAS 8 or the IASB issues new or revised Standards that encompass such activities (proposed paragraph 4 and paragraphs BC8-BC11 of the Basis for Conclusions).

Are these proposals appropriate? If not, why not?

Question 3 - Cash-generating units for exploration and evaluation assets

[Draft] IAS 36^* requires entities to test non-current assets for impairment. The draft IFRS would permit an entity that has recognised exploration and evaluation assets to test them for impairment on the basis of a `cash-generating unit for exploration and evaluation assets' rather than the cash-generating unit that might otherwise be required by [draft] IAS 36. This cash-generating unit for exploration and evaluation assets is used only to test for impairment exploration and evaluation assets recognised under proposed paragraph 4 (see proposed paragraphs 12 and 14 and paragraphs BC15-B3 of the Basis for Conclusions).

Are the proposals appropriate? If not, why not? If you disagree with the proposal that exploration and evaluation assets should be subject to an impairment test under [draft] IAS 36, what criteria should be used to assess the recoverability of the carrying amount of exploration and evaluation assets?

Question 4 - Identifying exploration and evaluation assets that may be impaired

The draft IFRS identifies indicators of impairment for exploration and evaluation assets. These indicators would be among the external and internal sources of information in paragraphs 9-13 of [draft] IAS 36 that an entity would consider when identifying whether such assets might be impaired (paragraph 13 and paragraphs B4-B6 of the Basis for Conclusions).

* in Exposure Draft of Proposed Amendments to IAS 36, Impairment of Assets, and IAS 38, Intangible Assets (December 2002)

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Are these indicators of impairment for exploration and evaluation assets appropriate? If not, why not? If you are of the view that additional or different indicators should be used in assessing whether such assets might be impaired, what indicators should be used and why?

Question 5 - Disclosure

To enhance comparability, the draft IFRS proposes to require entities to disclose information that identifies and explains the amounts in its financial statements that arise from the exploration for and evaluation of mineral resources (proposed paragraphs 15 and 16 and paragraphs BC32-BC34 of the Basis for Conclusions).

Are the proposed disclosures appropriate? If not, why not? Should additional disclosures be required? If so, what are they and why should they be required?

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[Draft] International Financial Reporting Standard X Exploration for and Evaluation of Mineral Resources ([draft] IFRS X) is set out in paragraphs 1-17 and Appendices A and B. All the paragraphs have equal authority. Paragraphs in bold type state the main principles. Terms defined in Appendix A are in italics the first time they appear in the [draft] Standard. Definitions of other terms are given in the Glossary of the International Financial Reporting Standards. [Draft] IFRS X should be read in the context of its objective and the Basis for Conclusions, the Preface to International Financial Reporting Standards and the Framework for the Preparation and Presentation of Financial Statements. IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors provides a basis for selecting and applying accounting policies in the absence of explicit guidance.

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