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) All of the given answers.
E) 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

AASB 6 requires disclosure of accounting policies for exploration and evaluation expenditures and recognition of exploration and evaluation assets, as well as disclosure of amounts for assets, liabilities, income, expense, operating and investing cash flows arising from the exploration for and evaluation of mineral resources, making choice E the best answer. The basis for determining the amount of restoration expense for the period is not required disclosure under AASB 6, and therefore, Choice B is incorrect. Choices A and C are partially correct, but E provides a comprehensive answer by including both. Choice D is incorrect as it is too broad and vague.

AASB 6 Requires Disclosure of Information That Identifies and Explains