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Saints Ltd is currently exploring for gold in central Australia. The company has acquired a mining licence from the Australian Government, which allows it to explore for gold in a specific region of central Australia. Based on the licence, any gold that Saints Ltd finds in this region it has the right to sell. To date, Saints Ltd has spent $300,000 cash in exploration costs Saints Ltd has no previous experience in mining, has not found any gold as yet, and no gold has been found at nearby mining sites.
Required:
Problem a) Should Saints Ltd recognise an asset in relation to the exploration costs? Justify in accordance with the relevant Conceptual Framework de?nition and recognition criteria.
Problem b) Should Saints Ltd recognise an expense in relation to the exploration costs? Justify in accordance with the relevant Conceptual Framework de?nition and recognition criteria.
Problem c) Discuss how Saints Ltd should recognise the exploration costs under appropriate Australian Accounting Standards? Justify your answer.
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