Accounting Standards and Guidance

FRC Financial Reporting Standards (FRSs)

UK/Irish accounting framework (effective for periods beginning on or after 1 Jan 2015)

FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland

Section 34 Specialised Activities
Section 34 – Extractive Activities
34.11An entity 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 (as adopted in the EU). [AMD 552]
34.11AWhen 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.
34.11BNotwithstanding 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.
34.11COn 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.
AMD 552

Amendment

Paragraph 34.11 amended by Amendments to FRS 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland – Triennial review 2017 – Incremental improvements and clarifications (issued December 2017)

Effective date

01/01/2019

Previous text

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.
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