The Financial reporting in the mining industry (FRIM) looks at how International Financial Reporting Standard (IFRS) is applied in practice by mining companies, identifying unique issues for the industry. In this edition we include a number of examples to demonstrate how companies are responding to the various accounting challenges along the value chain.
It is not just IFRSs that are constantly evolving but also the operational issues faced by mining companies with the heavy demand for capital and risks faced by the industry driving more cooperative working relationships. We look at some of main developments in this context with a selection of reporting topics that are of most practical relevance to mining companies’ activities. The new standard on joint arrangements will be an area of focus for companies in the mining sector. The classification of the joint arrangement determines the subsequent accounting, and we consider some of the challenges introduced by the new standard in determining the type of joint arrangement which exists. We also look at the new Interpretation on production stripping costs and practical issues associated with its implementation.
FRIM is written for executives and financial managers in this sector; investors and other users of mining industry financial statements; and accounting bodies, standard-setting agencies and governments around the world.
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