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applying ifrs in mining metals

IFRS 6 has the effect of allowing entities adopting the standard for the first time to use accounting policies for exploration and evaluation assets that were applied before adopting IFRSs It also modifies impairment testing of exploration and evaluation assets by introducing different impairment indicators and allowing the carrying amount to be tested at an aggregate level not greater than

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    Mining is crucial to the economy But the future of mining is likely to look different from the industry we know today The disruptive forces of technology and political change that are reshaping governments and business sectors are also reshaping mining What can industry executives do today to

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    The mining sector faces many unique challenges in interpreting and applying International Financial Reporting Standards IFRS according to Real Time IFRS in the mining sector a new report from PricewaterhouseCoopers Brian Taylor UK Mining Leader PricewaterhouseCoopers said These challenges reflect the specific characteristics of the industry and also the absence of detailed

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  • IFRS resources CPA Australia

    IFRS 15 Revenue from Contracts with Customers A brief discussion of some of the key features of IFRS 15 and what it means for financial statements of entities from various sectors IFRS 16 Leases A brief discussion of some of the key features of IFRS 16 and some of the practical issues surrounding its implementation IFRS 17 Insurance Contracts

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  • IFRS MINING SECTOR

    Jun 08 2018 The need for this publication has arisen due to the absence of an extractive industries standard under IFRS the adoption of IFRS by mining entities across a number of jurisdictions with overwhelming acceptance that applying IFRS in this industry will be a continual challenge and ongoing transition projects in a number of other jurisdictions

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    Sep 12 2014 IFRS 11 amendment to affect Mining and Metal industry September 12 2014 Written By EduPristine Accounting for firms in the mining and metals sector who are in a joint arrangements could undergo considerable changes once IFRS 11 amendments are implemented a report published by an EY expert stated recently

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    A practical guide to IFRS Joint arrangements 3 how the parties will share assets liabilities revenues expenses or profits or losses 8 The contractual arrangement is usually established in writing in the form of a contract between the parties it can also take the form of a documented discussion although this is unusual

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    Impact Of Ifrs Mining The new revenue standard is intended to increase comparability across companies and industries and eliminate gaps in existing standard includes a new model on how companies should account for their contracts with ing on existing accounting policiespractices there may be significant impact on both the timing and amount of revenue recognised

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  • IFRS Prospectors Developers Association of Canada

    Mining Industry Task Force on IFRS Standards Since all public companies in Canada were required to transition over to the International Financial Reporting Standards IFRS in January 2011 the CPA CanadaPDAC Mining Industry Task Force has compiled a series of Viewpoints to help PDAC membersand the entire mineral exploration and mining industryto incorporate the IFRS principles

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  • IFRS 16 transition options and practical expedients

    Under this approach the cumulative effect of initially applying IFRS 16 is recognized as an adjustment to equity at January 1 2018 for a lessee that adopts IFRS 16 on the effective date and has a December 31 yearend Comparative figures for the year ended December 31 2018 are also restated to reflect the adoption of IFRS 16

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  • Letter from SEC Chief Accountant Requesting AcSEC Take on

    The mining industry includes thousands of companies engaged in mining an array of products including precious metals base metals coal uranium and other industrial minerals Our recent filing reviews of major mining companies and earlytoadvanced stage exploration entities have identified several areas of variations in accounting practices

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  • BMO 23rd GLOBAL METALS AND MINING CONFERENCE

    BMO 23rd GLOBAL METALS AND MINING CONFERENCE February 2326 2014 FORWARDLOOKING STATEMENTS Total cash cost per ounce is a nonIFRS financial performance measure with no standard definition under IFRS and represents the mining

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  • Impact Of Ifrs Mining Kids Who Code

    IFRS 11 Amendment To Impact Mining Metal Entities IFRS 11 Amendment To Impact Mining Metal Entities Posted By Mani Septem Joint arrangements are common in the mining and metals sector and hence any changes in the accounting for them can have wideranging implications notes EY

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  • Mining KPMG Canada

    Through the Taskforce KPMG shares views on IFRS application issues of interest to mining companies which are published in a series of Viewpoint papers Discover the KPMG difference In the mining industry KPMG is known for understanding current issues attention to technical detail and a relentless drive to innovate

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  • Mine 2018 PwC

    metal demand especially consumer driven demand The mining industry is cyclical thanks to the lag between investment decisions and new supply Demand tends to grow in a relatively stable fashion on the back of global economic growth By contrast supply is added in bulk when a new development is completed Figure 1 GDP growth

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  • Main page Polymetal

    Who we are Polymetal International plc member of FTSE 100 is a leading precious metals mining group with a high quality portfolio of gold silver and copper mines a pipeline of bestinclass growth projects and one of a sector leading dividend yields

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  • The sprint to the IFRS finish line

    The sprint to the IFRS finish line Tom Whelan Regardless of where mining and metals companies are in the conversion process theyll have to ensure their MDA disclosures are much more

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  • Applying IAS 36 in practice Grant Thornton Insights

    Grant Thornton International Ltd through its IFRS team develops general guidance that supports the Grant Thornton member firms commitment to high quality consistent application of IFRS We are pleased to share these insights by publishing Impairment of Assets A guide to applying IAS 36 in practice the Guide

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  • IFRS First Impressions KPMG

    interpretation of the IFRS Interpretations Committee Interpretations Committee on 19 October 2011 The interpretation which restricts the current diverse practices in accounting for production stripping in surface mining has an effective date of annual periods beginning on or after 1 January 2013 Overview of the requirements

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  • How to apply for a Mining Permit in South Africa as

    Jul 30 2019 The following is required to apply for a Mining Permit in South Africa as stipulated by the Department of Mineral Resources Details of the land or area Mining Permit Provide a plan as contemplated in Regulation 22 read with Regulation 23 of the Mineral and Petroleum Resources Development Act MPRDA

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    IFRS industry insights Mining sector IFRS 15 the new revenue Standard could impact sale of ore and repurchase of metal will change in light of the new guidance on sale and for judgement in devising and applying revenue whether revenue must be adjusted for the effects of the time value of money and

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  • IFRS 6 Exploration for and Evaluation of Mineral

    IFRS 6 has the effect of allowing entities adopting the standard for the first time to use accounting policies for exploration and evaluation assets that were applied before adopting IFRSs It also modifies impairment testing of exploration and evaluation assets by introducing different impairment indicators and allowing the carrying amount to be tested at an aggregate level not greater than

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    The 5 biggest private funds investing in mining In 2015 funds with a primary strategy of investing in mining and metals made up a small portion of funds raised with three funds closing on 1

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    Thus we cannot apply IFRS 15 However when the miner receives the block reward it certainly represents the inflow of economic benefits thus it meets the definition of income as stipulated in Conceptual Framework The conclusion Include it in your profit or loss at the moment of receiving the block reward measured at fair value

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  • IFRS 9 own use contracts IFRSbox Making IFRS Easy

    The exception are contracts that were entered into and continue to be held for the purpose of the receipt of the nonfinancial item in accordance with the entitys expected purchase sale or usage requirements In other words IFRS 9 does not apply to socalled ownuse contracts In this case you could simply say that yes we are buying nickel in the future to make our metal

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    Metal Mining Industry Group Summary 4 Metals and Mining Total CapEx up by 136 Average CapEx up 2771 Total CapEx up 6 YoY2 Metals and Mining Total Payments Of Dividends up by 72 Average Payments of Dividends down 541 Total Payments of Dividends up 73 YoY2 Metals and Mining Total RD Expenses down by 16 Average RD Expenses up 231 Total RD

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    Aug 17 2012 India has laid down the convergence plan of Indian Accounting Standards AS with International Financial Reporting Standards ie IFRS in a phased manner The first phase implementation was expected to begin from April 1 2011 but due to practical challenges the implementation is delayed

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    Mining The mining industry is renowned for expanding into unknown parts of the world The current economic climate together with the scarcity of quality projects in countries with existing mining operations is resulting in exploration and development efforts in countries and areas that have previously been considered too risky or marginal

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