International GAAP 2013: Generally Accepted Accounting Principles under International Financial Reporting Standards

Chapter 41

Extractive industries

1 Introduction

1.1 Nature of extractive industries

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

1.1.2 Discussion Paper: Extractive activities

1.1.2.A Definitions of reserves and resources

1.1.2.B Asset recognition

1.1.2.C Asset measurement

1.1.2.D Disclosure

1.1.2.E Publish What You Pay proposals

1.1.2.F Status of Extractive Activities project

1.2 Upstream and downstream activities

1.2.1 Phases in upstream activities

1.3 Definition of key terms

2 Mineral reserves and resources

2.1 International harmonisation of reserve reporting

2.2 Petroleum reserve estimation and reporting

2.2.1 Petroleum Resources Management System (SPE-PRMS)

2.2.1.A Basic principles and definitions

2.2.1.B Classification and categorisation guidelines

2.2.1.C Evaluation and reporting guidelines

2.2.1.D Estimating recoverable quantities

2.3 Mining resource and reserve reporting

2.3.1 CRIRSCO International Reporting Template

2.3.1.A Scope

2.3.1.B Reporting terminology

2.4 Disclosure of mineral reserves and resources

2.4.1 Oil and gas sector

2.4.1.A OIAC SORP disclosure of commercial reserve quantities

2.4.1.B ASC 932-235-50 disclosure of reserves

2.4.2 Mining sector

2.4.2.A SEC Industry Guide 7

I Definitions

II Mining operations disclosures

III Supplemental information

2.4.3 Disclosure of the value of reserves

2.4.3.A ASC 932-235-50 – disclosure of standardised measure of oil and gas

3 IFRS 6 – Exploration for and evaluation of mineral resources ...