Ifric 20 example. IFRIC 20 is accompanied by a Basis for Conclusions. IFRIC 20 Stripping Costs in the Production Phase of a Surface Mine This Basis for Conclusions accompanies, but is not part of, AASB Interpretation 20. An IFRIC Basis for Conclusions may be amended to reflect any additional requirements in the AASB Interpretation or AASB Accounting Standards. IFRIC Interpretation 20 Stripping Costs in the Production Phase of a Surface Mine (IFRIC 20) is set out in paragraphs 1–16 and appendices A–B. BASIS FOR CONCLUSIONS IFRIC Interpretation 20 Stripping Costs in the Production Phase of a Surface Mine (IFRIC 20) is set out in paragraphs 1–16 and appendices A–B. This waste removal activity is known as ‘stripping’. Entities currently using ‘stripping ratios’ may find the new requirements similar to their existing approach, although the basis of the ratio will be the identified component and not the full life-of Jan 30, 2024 · 1. Disclaimer: To the extent permitted by applicable law, the Board and the IFRS Foundation AASB Interpretation 20 Stripping Costs in the Production Phase of a Surface Mine incorporates International Financial Reporting Interpretations Committee IFRIC Interpretation 20 Stripping Costs in the Production Phase of a Surface Mine, issued by the International Accounting Standards Board. During the development phase of the mine (before production begins), stripping costs are usually capitalised as part of the depreciable cost of building, developing and IFRIC 20 provides examples of such measures, including volumes of waste extracted compared with expected volumes for given production levels. The scope and authority of Interpretations are set out in the Preface to IFRS Standards. In October 2011 the International Accounting Standards Board issued IFRIC 20 Stripping Costs in the Production Phase of a Surface Mine. It was developed by the Interpretations Committee. A comprehensive source of global accounting news and resources, featuring an extensive collection of information about International Financial Reporting Standards (IFRS), the International Accounting Standards Board (IASB), and broader international financial reporting developments. IFRIC Interpretation 20 Stripping Costs in the Production Phase of a Surface Mine References Conceptual Framework for Financial Reporting IAS 1 Presentation of Financial Statements IAS 2 Inventories IAS 16 Property, Plant and Equipment Recognition of production stripping costs as an asset BC6 - BC11 Initial measurement of the stripping activity asset BC12 - BC16 Subsequent measurement of the stripping activity asset BC17 - BC18 Transition BC19 - BC21 This Basis for Conclusions accompanies, but is not part of, IFRIC 20. IFRIC 20 addresses the accounting treatment of mine waste materials, which are the materials removed by mining entities in order to gain access to mineral ore deposits. . It thus promotes the rigorous and uniform application of IFRSs. IFRIC 20 IFRIC Interpretation 20 Stripping Costs in the Production Phase of a Surface Mine is issued by the International Accounting Standards Board (the Board). If you're an IFRS Digital subscriber you will get access to the Required Standards, and be able to use the annotation and taxonomy layers within the HTML and view the bases for conclusions and illustrative examples to provide greater context. IFRIC 20 Stripping Costs in the Production Phase of a Surface Mine added paragraph D32 and amended paragraph D1. These interpretations provide authoritative guidance on the application of IFRS and IAS standards where the standards themselves do not provide sufficient detail. Basis for Conclusions on IFRIC Interpretation 20 Stripping Costs in the Production Phase of a Surface Mine This Basis for Conclusions accompanies, but is not part of, IFRIC 20. This page provides information on the interpretation and recent amendments. An entity shall apply that amendment when it applies IFRIC 20. The following table lists the interpretations developed by the International Financial Reporting Interpretations Committee (IFRIC) and the former Standing Interpretations Committee (SIC). Jul 10, 2020 · The role of the IFRIC is to provide timely guidance on newly identified financial reporting issues not specifically addressed in International Financial Reporting Standards (IFRSs) or issues where unsatisfactory or conflicting interpretations have developed, or seem likely to develop. Scope and Applicability: IFRIC 20 applies to the accounting of costs incurred in stripping activities during the production phase of surface mining operations. IFRS Standards together with their accompanying documents are issued by the International Accounting Standards Board (the “Board”). IFRS AT A GLANCE IFRIC 20 Stripping Costs in the Production Phase of a Surface Mine Effective Date Periods beginning on or after 1 January 2013 Background In surface mining operations, entities may find it necessary to remove mine waste materials (‘overburden’) to gain access to mineral ore deposits. xvbphjh cstgk icedc itkhi eclmnz kbc qqpsf uwvgzwl rbmuyn ynal