International GAAP 2012: Generally Accepted Accounting Practice under International Financial Reporting Standards

Chapter 41

Extractive industries

1 Introduction

1.1 Nature of extractive industries

1.2 Phases in extractive activities

1.2.1 Upstream and downstream activities

1.2.2 Phases in upstream activities

1.3 Definition of terms

1.4 Development of IFRS guidance

1.4.1 Development of IFRS 6 – Exploration for and Evaluation of Mineral Resources

1.4.2 Discussion Paper: Extractive activities

1.4.2.A Scope and approach

1.4.2.B Definitions of reserves and resources

1.4.2.C Asset recognition

I Definition

II Unit of account

1.4.2.D Asset measurement

I Measurement at historical cost

II Impairment

1.4.2.E Disclosure

1.4.2.F Publish What You Pay proposals

2 Mineral Reserves and Resources

2.1 Significance of reserves estimation to financial reporting under IFRS

2.2 Reserve estimation and reporting

2.2.1 Petroleum reserve estimation and reporting

2.2.1.A Standard-setting organisations

2.2.1.B Petroleum Resources Management System (SPE-PRMS)

I Basic principles and definitions

II Classification and categorisation guidelines

III Evaluation and reporting guidelines

IV Estimating recoverable quantities

2.2.2 Mining resource and reserve reporting

2.2.2.A Standard-setting organisations

2.2.2.B CRIRSCO International Reporting Template

I Scope

II Competence and responsibility

III Reporting terminology

2.2.3 International harmonisation of reserve reporting

2.2.3.A IASB Discussion Paper – Extractive Activities

2.2.3.B SEC final rule – Modernization of Oil and Gas Reporting

2.2.3.C Mining resource and reserve ...