IFRS for the Minerals and Mining Sector

Understand the IFRS requirements that relate to the minerals and mining sector, including a comparison with UK, Canadian and US GAAP This three-day comprehensive workshop provides participants with an analysis of the accounting and disclosure requirements of IFRS 6 and discusses the current status of the IASB’s work on accounting for extractive activities. Using case studies and worked examples to illustrate the key points, the workshop also covers the requirements of the most significant IFRS that affect the industry, including impairment of assets, recognition and measurement of assets, asset revaluations, decommissioning and site restoration costs, reserve accounting, hedge accounting and disclosure requirements. The workshop also provides guidance on key accounting issues relating to joint ventures and production sharing agreements.

Participants will also be provided with an overview of the major differences between UK, Canadian and US GAAP relevant to extractive industries.

How You Will Benefit

• Understand and apply the recognition, measurement, presentation and disclosure requirements of IFRS 6 Exploration for and Evaluation of Mineral Resources
• Appreciate the diversity in accounting practices used in the extractive industry and the IASB’s approach to address these differences
• Apply the relevant IFRS recognition and measurement requirements to the extractive industry
• Understand the options available for valuing assets
• Apply the complex rules on impairment of assets
• Understand and apply the IFRS requirements for reporting interests in joint ventures
• Appreciate the issues regarding intra-partner relationships, including cost allocation and audits
• Compare and contrast the accounting guidance for the extractive industry under UK, Canadian and US GAAP
• Complete a smooth transition to IFRS

What You Will Cover

• Features of the minerals and mining industry
• Accounting issues in the minerals and mining industry
• IASB’s project on Extractive Activities
• IFRS 6 Exploration for and Evaluation of Mineral Resources
• Accounting and disclosure issues relating to:

—Property, plant and equipment

—Impairment of assets

—Decommissioning costs and site restoration

—Joint Ventures

• Other valuation and measurement issues
• Resources and reserve statements and other disclosures
• Hedge accounting
• Selecting and amending accounting policies
• Comparison between IFRS and other national GAAPs

Who Should Attend

Anyone involved in the preparation, review or analysis of financial statements for entities in the mining and mineral sector that will be prepared under IFRS.