Is the extractive industries standard still fit for purpose?

Corinne Cortese, Lee Moerman and Millicent Chang

Accounting and Finance, 2022, vol. 62, issue 2, 2807-2838

Abstract: The application of AASB 6 by extractive industries firms is examined to determine the issues and challenges faced by financial statement preparers when applying the standard. The results show that while the area‐of‐interest method is extensively chosen to account for exploration and evaluation costs, there was lack of consistency in its description. Interviews revealed that while preparers reported flexibility in the application of AASB 6, they sought more guidance to reduce reliance on external publications. The findings show that while preparers supported the retention of AASB 6, more guidance on its application was needed, especially in its interaction with new accounting standards and regulations.

Date: 2022
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