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Course 1627
IFRS for Junior Mining & Exploration-Stage Companies (2 days)

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Contents


Introduction

There are diverse accounting practices among companies in the worldwide extractive industry. The IASB has commissioned a research project to review accounting practices for extractive activities. In the view of the IASB, however, an entity must comply with all International Financial Reporting Standards in order to make an unreserved statement of compliance with IFRS.

To provide interim guidance and a transition for entities in the extractive industry that are adopting IFRS, the IASB issued IFRS 6 Exploration for and Evaluation of Mineral Resources in December 2004. IFRS 6 became effective from 1 January 2006.

This two-day course summarizes the accounting and disclosure requirements of IFRS 6 and discusses the current status of the IASB’s work on extractive activities. Key accounting standards that affect the industry are also given in-depth coverage, such as IFRS rules on impairment of assets, recognition and measurement of assets, revaluations of certain qualifying assets, decommissioning and site restoration costs, accounting for reserves and disclosures. The program also provides guidance on accounting issues relating to joint ventures, stock-based compensation and the effects of foreign exchange.

Prerequisites

No advance preparation is required for this course. However the course is best suited to those who have an understanding of accounting for junior mining and exploration costs in their local jurisdictions.

Course Level

Intermediate

Topics

  • Accounting and disclosure requirements of IFRS 6 Exploration for and Evaluation of Mineral Resources
  • Accounting for in-production assets vs. exploration stage assets
  • Impact of IFRS 1
  • Review of IASB’s Discussion Paper on extractive activities
  • Asset retirement obligations
  • Accounting for property, plant and equipment
  • Joint venture accounting (including revised IFRS due in second quarter of 2010)
  • Accounting for foreign operations
  • Functional and presentation currencies
  • Valuation of exploration properties
  • Impact of new standards on business combinations
  • Current guidance under US and Canadian GAAP

Course Benefits

  • Tailored course created specifically for the needs of the junior mining and exploration sector.
  • Understand and apply the accounting and disclosure requirements of IFRS 6 Exploration for and Evaluation of Mineral Resources
  • Appreciate the diversity in accounting practices in the extractive industries and the IASB’s project to review those practices
  • Interpret the complex rules on evaluating assets for impairment
  • Complete a smooth transition to IFRS
  • Understand the nature and structure of joint ventures in the minerals and mining industry
  • Learn the external financial reporting requirements for joint ventures
  • Comprehend the mechanisms of financing and reporting the operations of joint ventures

Teaching Method

  • Live group instruction
  • Explanation and demonstration of the accounting rules relating to expenditures for the exploration for and evaluation of mineral resources
  • Explanation and demonstration of the accounting issues relating to joint venture arrangements
  • Presentation of the rules for impairment of assets, with practical examples
  • Presentation and discussion of worked examples, model financial statements and disclosures
  • Group discussion and interactive participation is encouraged
  • All participants receive a comprehensive binder containing copies of the presentation slides, handouts and other course materials

Continuing Professional Education (CPE)

16 hours

Venue

All of our Calgary seminars take place in 4 star professional conference facilities, usually in city-centre downtown hotels like the Marriott, Sheraton or Hilton brands.

Detailed Joining Instructions are sent to all registered delegates by email approximately one month before the event. The Joining Instructions will confirm exact venue details and nearby (or onsite) hotel recommendations with bedroom rates where available.

Coffee and lunch will be provided.

Course Summary

This two-day course focuses on accounting standards, corporate reporting and financial analysis that relate specifically to the junior mining and exploration sector. Most courses relating to the resource sector focus on the in-production aspects of accounting. This program details standards, recommendations and guidelines for public reporting of exploration costs, mineral resources and reserves as well as the minimum standards, recommendations and guidelines for the valuation of mineral assets. IFRS as well as US and Canadian GAAP requirements are considered. Case studies, financial reports, and financial disclosures from real-world mining exploration companies are used throughout the program to enhance and reinforce learning. Topics covered by means of tutorials, practical examples and illustrations from published financial statements include: Distinctive features of the junior mining and exploration industry | Summary of accounting issues in the industry | IASB’s Discussion Paper on extractive activities project | Exploration and evaluation (IFRS 6 Exploration for and Evaluation of Mineral Resources) | Property, plant and equipment | Impairment of assets | Decommissioning costs and site restoration | Joint ventures | Production sharing agreements, including internal accounting and external financial reporting issues | Reserves and other disclosures | Stock based compensation | Foreign exchange | Selecting and amending accounting policies | Worked examples and opportunities for discussion| Corporate reports | Financial analysis.