AASB 6 requires disclosure of information that identifies and explains the amounts recognised in the financial report arising from the exploration for and evaluation of mineral resources.To comply with this prescription,required disclosures include:
A) the accounting policies for exploration and evaluation expenditures including the recognition of exploration and evaluation assets.
B) the basis for determining the amount of restoration expense for the period.
C) the amount of assets, liabilities, income and expense, and operating and investing cash flows arising from the exploration for and evaluation of mineral resources.
D) the accounting policies for exploration and evaluation expenditures including the recognition of exploration and evaluation assets; and the amount of assets, liabilities, income and expense, and operating and investing cash flows arising from the exploration for and evaluation of mineral resources.

Question

Quizplus · Accepted Answer

Option D includes all the required disclosures stated in the question such as the accounting policies for exploration and evaluation expenditures including the recognition of exploration and evaluation assets, and the amount of assets, liabilities, income and expense, and operating and investing cash flows arising from the exploration for and evaluation of mineral resources. Option A only includes part of the required disclosures, option B is not specifically related to exploration and evaluation of mineral resources, and option C only includes the amount of disclosures without giving details of accounting policies.

AASB 6 Requires Disclosure of Information That Identifies and Explains