Australia

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 2010

IFRS Briefing Sheets
IFRS Briefing Sheets (now known as In the Headlines) provide news and information on International Financial Reporting Standards developments.

IFRS Briefing Sheet 207: Stripping Costs: Surface mine production phase 

This IFRS Briefing Sheet summarises Draft Interpretation DI/2010/1 Stripping Costs in the Production Phase of a Surface Mine published by the IASB on 26 August 2010.

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.

 

Comments were due to the IFRS Interpretations Committee by 30 November 2010.

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IFRS Briefing Sheets - International financial reporting updates