Reference no: EM132993684
Problem 1: Does PFRS 6 require an entity to recognize exploration and evaluation expenditure as an asset?
a) Yes, but only to the extent such expenditure is recoverable in future periods.
b) Yes, but only to the extent the technical feasibility and commercial viability of extracting the associated mineral resource have been demonstrated.
c) Yes, but only to the extent required by the entity's accounting policy for recognizing exploration and evaluation asset.
d) No, such expenditure is always expensed in profit or loss as incurred.
Problem 2: Of the following costs related to the development of natural resources, which one is not a part of depletion cost?
a) Acquisition cost of the natural resource deposit.
b) Exploration costs.
c) Tangible equipment costs associated with machinery used to extract the natural resource.
d) Intangible development costs such as drilling costs, tunnels, and shafts.
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