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.
In September 2023, the IASB completed its comprehensive review of the accounting for extractive activities and decided to stop the project and publish a project summary.
The IASB also decided to add to the maintenance project pipeline a project to remove the temporary nature of the exemption in IFRS 6 from the application of paragraphs 11–12 of IAS 8, Accounting Policies, Changes in Accounting Estimates and Errors.
The IASB published a Project Summary in December 2023.