Download Quick Reference on Ind AS 106 Exploration for and Evaluation of Mineral Resources
The objective of this Standard is to specify the financial reporting for the exploration for and evaluation of mineral resources.
Exploration for and evaluation of mineral resources is the search for mineral resources, including minerals, oil, natural gas and similar nonregenerative resources after the entity has obtained legal rights to explore in a specific area, as well as the determination of the technical feasibility and commercial viability of extracting the mineral resource.
Exploration and evaluation expenditures are expenditures incurred by an entity in connection with the exploration for and evaluation of mineral resources before the technical feasibility and commercial viability of extracting a mineral resource are demonstrable.
Exploration and evaluation assets are exploration and evaluation expenditures recognised as assets in accordance with the entity’s accounting policy.