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Ifrs Mining

Ifrs Mining

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Published by Eli Silva

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Published by: Eli Silva on Sep 22, 2012
Copyright:Attribution Non-commercial


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Energy, Utilities & Mining
Financial reporting inthe mining industry*
International Financial Reporting StandardsJune 2007
Financial reporting in the mining industry
The mining industry is one o the world’s mostglobal industries. Many countries now requirecompanies to prepare their nancial statements inaccordance with International Financial ReportingStandards (IFRS). Regulatory bodies in many othercountries are converging national standards withIFRS. The move to adopt or harmonise with IFRShas advanced the transparency and comparabilityo nancial statements around the world.This edition o ‘Financial reporting in the miningindustry’ describes the nancial reportingimplications o IFRS across a number o areasselected or their particular relevance to themining industry.The International Accounting Standards Board(IASB) has ormed an Extractive Activities workinggroup; however, ormal guidance on many issuesacing mining companies is unlikely to be availableor some years.Other developments taking place are the ongoingconvergence with US GAAP and interest romthe Securities and Exchange Commission (SEC)in how US GAAP should be applied to themining industry.This publication does not describe all IFRSsapplicable to mining entities. The ever-changinglandscape means management should conducturther research and seek specic advice beoreacting on any o the more complex matters raised.PricewaterhouseCoopers remains committedto the mining industry. For more inormation orassistance, please do not hesitate to contactyour local oce or one o our specialist miningpartners.
 o ew o d 
Hugh Cameron
Global Mining LeaderPricewaterhouseCoopers
Financial reporting in the mining industry
Foreword Contents Introduction 5Mining overview 72 Exploration and evaluation Development 74 Production 25 Mineral resources and reserves 256 Depreciation and amortisation 297 Impairment 78 Inventories 479 Closure and environmental liabilities 550 Revenue 6 Foreign currency 672 Financial instruments 7 Taxation and royalties 794 Joint ventures 855 Business combinations 96 Empowerment transactions 977 Leasing 998 Non-GAAP measures 09 First-time adoption 07 Appendix  Example disclosures 0 Appendix 2 Glossary 4 Appendix  Contact us 6
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