This update was first published in the January 2012 International edition of Accounting and Business magazine.
The IFRS Interpretations Committee has issued IFRIC Interpretation 20, Stripping Costs in the Production Phase of a Surface Mine, which applies for periods beginning on or after 1 January 2013.
Interpretation 20 clarifies when production stripping should result in the recognition of an asset and how that asset should be measured, both initially and in subsequent periods.
Yvonne Lang, director, and Kern Roberts. associate director, Smith & Williamson