Exploration and Evaluation accounting clarifies recognition, measurement and impairment of assets under Ind AS 106. Ind AS 106 governs recognition, measurement, classification, impairment assessment and disclosure for exploration and evaluation assets. Entities may capitalise specified exploration and evaluation expenditures and must measure those assets initially at cost, thereafter applying either the cost or revaluation model consistent with the asset's tangible or intangible nature. Development expenditures are excluded. Impairment indicators (such as expiry of rights, cessation of planned expenditure, unsuccessful exploration, or likely non recovery) trigger testing under Ind AS 36, and entities must disclose policies, amounts and cash flows and treat such assets as a separate asset class.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Exploration and Evaluation accounting clarifies recognition, measurement and impairment of assets under Ind AS 106.
Ind AS 106 governs recognition, measurement, classification, impairment assessment and disclosure for exploration and evaluation assets. Entities may capitalise specified exploration and evaluation expenditures and must measure those assets initially at cost, thereafter applying either the cost or revaluation model consistent with the asset's tangible or intangible nature. Development expenditures are excluded. Impairment indicators (such as expiry of rights, cessation of planned expenditure, unsuccessful exploration, or likely non recovery) trigger testing under Ind AS 36, and entities must disclose policies, amounts and cash flows and treat such assets as a separate asset class.
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