ore and mining industry accounting

Financial reporting in the mining industry - PwC

Jan 4, 2010 ... Accounting Standards Board (IASB) has been intense in recent years with a constant flow of changes. One of the major challenges of any reporting framework is how best to implement it in the context of a specific company or industry. IFRS is a principles based framework and short on industry guidance.

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Financial Reporting in the Global Mining Industry - IAS Plus

Every effort has been made to ensure the accuracy of the contents of this publication but Deloitte Touche Tohmatsu accepts no responsibility for any errors or omissions. We hope that this survey of accounting and reporting by many of the industry's leading companies will be useful to mining companies worldwide. We also...

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Guidance for applying IFRS in the mining industry: External resources

We have compiled an inventory of external resources to help you understand and apply IFRS in the mining industry. These resources were created by external organizations and were not reviewed, developed or approved by CPA Canada. CPA Canada accepts no responsibility or liability that might occur directly or...

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Good Mining (International) Limited - EY

Dec 31, 2011 ... mining industry. They do not take account of country or stock market regulations in any given jurisdiction. It is essential to refer to the relevant accounting standards and/or specific jurisdictional requirements and when necessary, to seek appropriate professional advice where there may be doubt as to the...

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Good Mining - Illustrative Financial Statements 2016 - EY

Dec 31, 2016 ... This publication contains an illustrative set of consolidated financial statements for Good Mining (International) Limited ... industries. It is essential to refer to the relevant accounting standards and/or specific jurisdictional requirements and, when necessary, to seek appropriate professional advice where...

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Good Mining (International) Limited - EY

Dec 31, 2013 ... These illustrative disclosures are not the only acceptable form of presentation, but they reflect leading practice in the mining sector. They do not take account of country or stock market regulations in any given jurisdiction. It is essential to refer to the relevant accounting standards and/or specific jurisdictional...

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International Financial Reporting Standards in the mining sector ...

mining industry. IAS 39 Financial Instruments: Recognition and Measurement can have a major impact on a mining company's financial statements – not only through the accounting for derivatives (such as forward contracts to purchase or sell commodities and foreign currency, or interest rate and currency swaps), but.

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Mining challenges

the purpose of disclosure. All companies classified development assets as property, plant and equipment. Deferred stripping. A significant accounting issue is deter- mining whether costs are development or production stripping costs, when a. Mining challenges. Melvin Guen explains the difficulties in achieving consistency...

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Oil, gas and mining | Accounting by industry | Library | ICAEW

Access online resources on accounting for the oil, gas and mining industries and find quick links to Statements of Recommended Practice (SORPs), guidance and relevant organisations.

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Accounting for Mining Companies | BDO International Mining ...

More opportunities, more risk. As quality projects remain scarce in developed countries, mining companies are continuing exploration and development efforts in new regions – including those previously considered too risky or marginal. In the current climate, success depends on improving operational efficiency, securing...

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Financial reporting in the mining industry | Mining | Publications ...

PwC's Financial reporting in the mining industry (FRIM) publication looks at how International Financial Reporting Standard (IFRS) is applied in practice by mining companies, identifying unique issues for the industry and how mining companies are responding to the various accounting challenges along the value chain.

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Accounting for Increasing Mine Wastes in the ... - User Web Pages

compilation and assessment of the current trends in the Australian mining industry, namely bauxite, coal, copper, iron ore, lead-zinc-silver, gold, nickel and uranium. The results for the amount of ore milled, declining ore grades and the increasing mine wastes are presented for each of these specific commodities. Overall...

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Global Mining Reporting Survey - KPMG

Dec 31, 2006 ... The 2003 KPMG Mining Reporting Survey said the following… “It is essential that the International Accounting. Standard's Board's project on the extractive industries is accelerated so that a standard for the extractive industries can be quickly put in place, or other standards can be adjusted, to meet the.

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Is it Time for Junior Miners to Cease Capitalization of ... - Mining Global

Jan 20, 2015 ... Either capitalizing or expensing E&E costs are, and always have been, valid accounting policies under IFRS but most juniors have stuck with the age old policy ... Many companies are currently identifying impairment indicators such as inactivity on mineral properties or lack of funding to support exploration...

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Accounting Policies (h) Deferred Stripping, page A-15 - SEC.gov

Note 1 – Principal Accounting Policies ... Under IFRS, stripping (i.e. overburden and other waste removal) costs incurred in the development of a mine or pit before production commences are capitalised as ... 04-06 'Accounting for Stripping Costs Incurred during Production in the Mining Industry' ('EITF 04-06') for US GAAP.

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Mining Sector | Collins Barrow | Chartered Professional Accountants

The mining industry in Canada remains a global leader in productivity, innovation and economic impact. ... Addressing new and/or changing accounting standards and developments either for the effective transition to International Financial Reporting Standards (IFRS) or the United States Generally Accepted Accounting...

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data1 eitf abstracts 046 - FASB

Engaged or to Be Engaged in Significant Mining Operations. International Accounting Standards Committee, An Issues Paper Issued for Comment by the IASC Steering Committee on Extractive Industries. ISSUE. 1. In the mining industry, companies may be required to remove overburden and other mine waste materials to...

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Whether Mineral Rights Are Tangible or Intangible Assets - FASB

Apr 30, 2004 ... Issue No. 04-2. Title: Whether Mineral Rights Are Tangible or Intangible Assets. [Nullified by FAS 141(R)]. Date Discussed: March 17–18, 2004. References: FASB Statement No. 13, Accounting for Leases. FASB Statement No. 19, Financial Accounting and Reporting by Oil and. Gas Producing Companies.

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Accounting for water in the minerals industry: Capitalising on ...

[3] discussed that at mining or minerals processing operation level, water information is usually gathered as part of operational performance, engineering ... As for a practical implementation DME chose to use the Minerals Council framework as a template for water accounting as it was developed by industry, for the industry.

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Clearly IFRS - Deloitte

Mining sector. Clearly IFRS. Industry insights for IFRS 15. New revenue Standard could impact profile of revenue and profit recognition. What's happened? The International Accounting Standards Board (IASB) has published a new. Standard ... is that an entity recognises revenue to reflect the transfer of goods or services...

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Accounting for Gold and Silver Mines: The Development of Cost ...

Perhaps the Comstock mines were unusually backward or the Cripple Creek mine was unusually advanced. However the accounting system of the Portland Mining Company is described by Charlton as being representative of its industry in 1910, not as an unusually advanced system. The California and Xinhaiia mines...

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Mining industry facts, information, pictures | Encyclopedia.com ...

Get information, facts, and pictures about Mining industry at Encyclopedia.com. Make research projects and school reports about Mining industry easy with credible articles from our FREE, online encyclopedia and dictionary.

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Accounting for Increasing Mine Wastes in the ... - User Web Pages

compilation and assessment of the current trends in the Australian mining industry, namely bauxite, coal, copper, iron ore, lead-zinc-silver, gold, nickel and uranium. The results for the amount of ore milled, declining ore grades and the increasing mine wastes are presented for each of these specific commodities. Overall...

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Indian Accounting Standard (Ind AS) 106 Exploration for and ...

The objective of this Indian Accounting Standard is to specify the financial reporting for the exploration for ... 1 Ind AS 106, Exploration for and Evaluation of Mineral Resources will be applied with modification from a date to ... An entity shall classify exploration and evaluation assets as tangible or intangible according to the...

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Valuation of Mineral Resources in Selected Financial and ...

Jul 5, 2014 ... deposits: 1) recommended by mineral industry standards; 2) used for disclosures in financial statements ... Keywords. Mineral Resources, Valuation, Accounting for Mineral Assets, Valuation Codes .... In all other cases reporting of mineral reserves and/or resources is based on general accounting rules pre-.

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Global Metal Ore Mining Market Briefing 2017 - Research and ...

Jan 2, 2018 ... The industry is further classified as follows: Iron Ore Mining, Gold Ore Mining, Silver Ore Mining, Copper, Nickel, Lead, and Zinc Mining, Uranium-Radium-Vanadium Ore Mining, and All Other Metal Ore Mining. Asia Pacific was the largest region in the metal ore mining market in 2016, accounting for around...

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Evaluation of Mineral Assets: Interconnection of Financial and ... - Eric

and represented in financial statements of mining companies, and what kind of influence do these mineral ... application of so called accounting and managerial approaches to estimation of mineral resources base gave .... ore reserves and mineral resources of gold-mining companies and their financial reports covering the...

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Value Relevance of Accounting and Other ... - Research Online - UOW

Iddon, Hettihewa & Wright | Value Relevance of Accounting in the Junior-Mining Sector. 26. 1. Introduction. Junior mining firms (JMFs) are small firms that focus on prospecting for minerals and/or holding mining tenures, do not operate mines, and are typically penny stocks (i.e. < $5 or. £1/share). Over 93 percent of the 3,000...

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Key Financial Ratios to Analyze the Mining Industry | Investopedia

Aug 26, 2015 ... This ratio is often referred to as the "acid test ratio" because it is considered such a strong fundamental indicator of a company's basic financial health or soundness. It is important for evaluating mining companies because of the substantial capital expenditures and financing necessary for mining operations.

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Depletion (accounting) - Wikipedia

Depletion is an accounting and tax concept used most often in mining, timber, petroleum, or other similar industries. The depletion deduction allows an owner or operator to account for the reduction of a product's reserves. Depletion is similar to depreciation in that it is a cost recovery system for accounting and tax reporting.

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metal accounting in the platinum industry: how effective is it? - SAIMM

platinum mining industry in South Africa over the last 10 – 15 years, in particular, the starting ... industry is discussed and possible areas for improved accounting and associated metallurgical efficiencies are ... mine shafts or operations may have been unhappy at times with the metal quantities allocated to them, the income...

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Metal accounting and corporate governance

In the mining and minerals industry, reliable metal accounting is essential to sound corporate governance and is also becoming a focus of increased attention and .... The metal accounting system must ensure that every effort is made to identify any bias that may occur, as rapidly as possible, and eliminate or reduce to an...

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Accounting & Reporting for Mining - INX-Training

Alternative Financing Sources for Mining Companies. New Crowd funding Legislation; Streaming agreements (AKA resource streaming or metal purchase agreements); Forward purchase and prepay agreements; Offtake agreements. Canadian Government Proposals for Major Changes to the Taxation of Private...

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Mining - Internal Revenue Service

Abandonment and or disposition: the relinquishment of the property by sale or contribution or abandonment. General Tax Accounting Principles in the Mining Industry. The mining industry maintains certain accounting practices and principles that are somewhat unique to the industry. The following descriptions attempt to...

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Economic Accounting of Mineral Resources in Botswana - Wealth ...

(i.e., may not fully appear in the mining sector of the national accounts, but in the manufacturing or business services sectors). It is intended that the downstream processing sectors will be included in the mineral accounts calculations, in future, when the necessary data is available.7. Coal is already processed locally to...

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Natural Resources Mining Accounting Services | Warren Averett

Our Natural Resources Group assists mining companies with resource & materials accounting, audits & compilations, research & development tax credits & more. ... Phone: 800.759.7857. Questions about how we can help you or your business thrive, or want to learn more about Warren Averett? Get in touch with us today!

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Risks for the Mining Industry - Dean Dorton CPAs and Advisors

Jan 8, 2016 ... Many mining companies sell most of their products to a small number of customers, which creates a significant risk to the companies' revenue streams. The coal mining sector ships coal primarily to power plants or industrial sites. Environmental regulations have made the economics of running a coal...

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Mining and metals - consulting and accounting advice | RSM UK

Whilst dominated by major global players, there is a significant role to play for the junior mining companies who identify and explore assets at the margins and at early stages. This creates significant investor opportunities as well as facing the decision whether to sell to larger players or develop their mining assets...

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Earnings management in the mining industry - Aaltodoc

Earnings management refers to management's intentional discretion on managing accounting information or real life decisions as a purpose to mislead company's stakeholders. Earnings can be misstated due to managers' own incentives or with the objective of maximizing the wealth of a company. Earnings management...

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Water Accounting Framework for the Minerals Industry

10 Water Accounting Framework for the Minerals Industry. 2.2.2 definition of Outputs. An output is a volume of water which is removed from the operational facility after it has been through a task, treated or stored for use. Outputs are grouped according to their destination of which there are five categories as shown in Table 2.

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