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Extractive Activities
Extract from FRS102: Section 34.11-.34.11C
34.11 An entity using this FRS that is engaged in the exploration for and/or evaluation of mineral resources (extractive activities) shall apply the requirements of IFRS 6 Exploration for and Evaluation of Mineral Resources.
34.11A When applying the requirements of IFRS 6, references made to other IFRSs within that standard shall be taken to be references to the relevant section or paragraph within this FRS.
34.11B Notwithstanding the requirements of paragraph 34.11A, when applying paragraph 21 of IFRS 6, a cash-generating unit or group of cash-generating units shall be no larger than an operating segment and the reference to IFRS 8 Operating Segments shall be ignored.
34.11C On first-time adoption of this FRS if it is not practical to apply a particular requirement of paragraph 18 of IFRS 6 to previous comparative amounts, an entity shall disclose that fact.
OmniPro comment
Entities in the extractive industry would have followed the guidance in the statement of recommended practice for Accounting for Oil and Gas Exploration, Development, production and decommissioning activities. Under this method full cost accounting was allowed and successful efforts accounting.
Under FRS 102, the full costing method is restricted and the successful efforts accounting method differs in some respects.
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