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IFRS® Accounting Standards

Extractive Activities

Summary

Canadian entities with extractive activities are important to the Canadian and global markets. Most of these entities apply IFRS® Standards as their financial reporting framework.

The International Accounting Standards Board (IASB) issued IFRS 6 Exploration for and Evaluation of Mineral Resources as an interim standard. The IASB is gathering evidence to help decide whether to start a project to develop proposals to replace IFRS 6. The Accounting Standards Board (AcSB) is supporting these critical sectors by participating in this research project. 

Staff Contact(s)

Jayshal Rajendra Daya, CPA, CA Principal, Accounting Standards Board

Phone number  +1 416 204 3501
Email address  [email protected]
Lauren Pennycook, CPA, CA Principal, Public Sector Accounting Board

Phone number  +1 416 204 2950
Email address  [email protected]

Project Status

  • Information gathering

    In 2018, the IASB started gathering evidence to help it decide the scope and direction of a research project.

    AcSB staff prepared a Research Update to assist the IASB in identifying topics it should consider in its research.

    In September 2021, the IASB tentatively decided that the project’s scope and objectives should be to explore the following aspects of IFRS 6:

    • developing requirements or guidance to improve the disclosure objectives and requirements about an entity’s exploration and evaluation expenditure and activities; and

    • removing the temporary status of IFRS 6.

    The IASB also made a series of other more detailed tentative decisions.

  • Approving project
  • Consulting stakeholders
  • Deliberating feedback
  • Final pronouncement
Disclaimer

This project summary has been prepared for information purposes only. Decisions reported are tentative and reflect only the current status of discussions on this project, which may change after further Board deliberations. Decisions to publish Handbook material are final only after a formal voting process.