• Details
    • Service: Audit, Financial Statement Audit, Financial Reporting & Accounting Standards, Accounting Advisory Services, International Financial Reporting Standards (IFRS)
    Industry: Energy & Natural Resources, Mining
    Type: Regulatory update
    Date: 27/08/2010

    IFRS Briefing Sheets

    IFRS Briefing Sheets
    IFRS Briefing Sheets (now known as In the Headlines) provide news and factual information on developments concerning International Financial Reporting Standards (IFRS).
    Australia - Issues & insights - Articles & publications - IFRS Briefing Sheets

    IFRS Briefing Sheet: Issue 207 - Draft Interpretation DI/2010/1 Stripping Costs in the Production Phase of a Surface Mine 

    This IFRS Briefing Sheet summarises Draft Interpretation DI/2010/1 Stripping Costs in the Production Phase of a Surface Mine. The draft interpretation in effect proposes component accounting for production stripping costs.

    IFRS Briefing Sheet
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    The key proposals are:

    • production stripping costs that meet certain criteria would be capitalised as a component of the larger asset to which they relate
    • subsequent to initial recognition, the component would be recognised at cost less depreciation/amortisation and less any impairment losses
    • the period of depreciation/amortisation would be based on the expected useful life of the specific section of ore body that becomes directly accessible as a result of the stripping activities.

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    IFRS Briefing Sheets - International financial reporting updates 

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