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IFRS 6 EXPLORATION FOR AND EVALUATION OF MINERAL RESOURCES

25 Jul - 26 Jul, 2019

Gaborone 25-26 July 2019 Fairground Holdings 0830-1630 There are diverse accounting practices among companies in the worldwide extractive industry. The IASB has commissioned a research project to review accounting practices for extractive activities. To provide some guidance and a transition for entities in the extractive industry that are adopting IFRS, the IASB issued IFRS 6 Exploration for and Evaluation of Mineral Resources, in December 2004. The Standard applies to expenditures incurred in connection with the exploration and evaluation of mineral resources. IFRS 6 is an interim standard, and is a short-term solution to the problem of accounting for the exploration and evaluation of mineral resource assets. There was a lack of guidance prior to this IFRS, and where national standards did exist, the accounting practices were diverse, and a number were used throughout the world to account for the costs involved in exploration and extraction. Without IFRS 6, many entities would have had to change their practice of accounting for these costs. It would have forced them to fall back to the IASB Framework, or to standards issued by their respective national standard setters. This two-day course summarizes the accounting and disclosure requirements of IFRS 6 and discusses the current status of the IASB’s work on accounting for extractive activities. The workshop will focus on answering commonly asked questions relating to the following topical areas of IFRS 6. SCOPE Recognition of E&E expenditure Accounting policy choice – Capitalize or expense E&E expenditure? Changes in accounting policy Classification of E&E expenditure Classification of cash flows Measurement of E&E expenditure Impairment and Reversal of impairment Disclosure How are stripping costs in the production phase of a surface mine accounted for? Who Should Attend? Anyone involved in the preparation, review or analysis of financial statements for entities in the mining and mineral sector that will be prepared under IFRS Consultant’s Profile Eugene Mwela Mwaba (ACMA CGMA, MSc, IFRS, FCPA(Bots)   Eugene is a Chartered Management Accountant by training. He is a member of the Chartered Institute of Management Accountants and a Fellow member of the Botswana Institute of Chartered Accountant. He is a Certified IFRS consultant, having completed the Kaplan IFRS Professional Development programme. He is currently studying the final level of the CFA program to enhance his knowledge and skills in corporate finance and Investments. Eugene has consulted extensively on IFRS application for organisations in the Southern African region in mining, Telecoms, financial services, Energy, Education and Tourism industries. Eugene started his accounting career with a large Zambian Internet Service Provider and acquired extensive experience in the National electricity utility before deciding to follow his passion and move into academia and consulting. He has over 15 years’ experience in accounting academic and consulting. He currently facilitates IFRS workshops on behalf of BICA and ACCA Botswana. He serves in the following capacities at the Botswana Accountancy Oversight Authority (BAOA): Chairperson of the Financial Reporting & Corporate Governance Working Group and Member of the Education and training committee of BAOA. Eugene also serves a member of the technical standard setters’ forum at the Pan African Federation of Accountants (PAFA) which is the mother body for Professional Accountancy Bodies in Africa. He has also served in various committees of BICA. Over the years Eugene has been involved in managing complex consolidation and financial instruments engagements for various companies in Botswana. More recently, Eugene has helped several public interest entities with implementation of IFRS 9, 15 and 16. He has rendered numerous expert independent opinions on IFRS matters to public interest entities including the Public Accounts Committee of the Botswana Parliament. Eugene is currently the Academic Director, School of Finance and Professional Studies, Botswana Accountancy College where he lectures on all the senior financial reporting papers. The College has consistently achieved better than global pass rates, especially for financial reporting in the various professional accounting qualifications. He also lectures International Business Strategies on Master’s Programs offered by Botswana Accountancy College in collaboration with the UK University Partners. To find out more and book your place contact; Veronica Mogapi or Tshegofatso Nkepu. Tel. +267 3972992 / Fax +267 3972982 or email: events@bica.org.bw, tnkepu@bica.org.bw Francistown; Thato Thipe or Orebeile Seboka Tel. +267 2418280 / Fax. +267 2418263 or email tthipe@bica.org.bw; oseboka@bica.org.bw   Cover fees: P 2,900.00 (BICA Members) & P3, 180.00 (Non BICA Members) inclusive of VAT 10% discount to payments on or before the 12th July 2019.   Please note that payment should be made before the day of the seminar. Cancellations should be made 2 working days before the seminar otherwise a member is subject to full payment. If payment is made electronically, please forward proof of payment to BICA.  

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