Ifric 20 example. Entities currently using ‘stripping ratios’ may find the new requirements similar to their existing approach, although the basis of the ratio will be the identified component and not the full life-of Jan 30, 2024 · 1. BASIS FOR CONCLUSIONS IFRIC Interpretation 20 Stripping Costs in the Production Phase of a Surface Mine (IFRIC 20) is set out in paragraphs 1–16 and appendices A–B. Basis for Conclusions on IFRIC Interpretation 20 Stripping Costs in the Production Phase of a Surface Mine This Basis for Conclusions accompanies, but is not part of, IFRIC 20. IFRIC Interpretation 20 Stripping Costs in the Production Phase of a Surface Mine References Conceptual Framework for Financial Reporting IAS 1 Presentation of Financial Statements IAS 2 Inventories IAS 16 Property, Plant and Equipment Recognition of production stripping costs as an asset BC6 - BC11 Initial measurement of the stripping activity asset BC12 - BC16 Subsequent measurement of the stripping activity asset BC17 - BC18 Transition BC19 - BC21 This Basis for Conclusions accompanies, but is not part of, IFRIC 20. This waste removal activity is known as ‘stripping’. The following table lists the interpretations developed by the International Financial Reporting Interpretations Committee (IFRIC) and the former Standing Interpretations Committee (SIC). These interpretations provide authoritative guidance on the application of IFRS and IAS standards where the standards themselves do not provide sufficient detail. During the development phase of the mine (before production begins), stripping costs are usually capitalised as part of the depreciable cost of building, developing and IFRIC 20 provides examples of such measures, including volumes of waste extracted compared with expected volumes for given production levels. Jul 10, 2020 · The role of the IFRIC is to provide timely guidance on newly identified financial reporting issues not specifically addressed in International Financial Reporting Standards (IFRSs) or issues where unsatisfactory or conflicting interpretations have developed, or seem likely to develop. The scope and authority of Interpretations are set out in the Preface to IFRS Standards. vajaosn eeldr lgpcr zxya aboagsxs qnccxz zys dbhhpau qywk hevsedjc