Which of the following statements is not in accordance with AASB 6 "Exploration for and Evaluation of Mineral Resources"?
A) Expenditures incurred in the exploration for and evaluation of mineral resources may be expensed as incurred;
B) Expenditures incurred in the exploration for and evaluation of mineral resources may be partially or fully capitalised, and recognised as an exploration and evaluation asset;
C) Exploration and evaluation assets may be measured at fair value at recognition;
D) Exploration and evaluation assets may be measured at either cost or revalued amount after recognition;
E) None of the given answers.

Question

Quizplus · Accepted Answer

AASB 6 allows exploration and evaluation assets to be measured at cost, not fair value, at recognition.

Which of the Following Statements Is Not in Accordance with AASB