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IAS 16 applies to the recognition and measurement of exploration and evaluation assets. True or false?

Accounting Financials Finance Reporting
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Question added by Toyin Adun-FCA-MBA-Finance-CMA , Finance Manager , Emirates Business Group
Date Posted: 2015/11/17
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Umair Ali
by Umair Ali , Finance Officer , Bank Islami Pakistan Limited

False, IAS applies to the recognition and measurement of Property Plant & Equipment. The Recognition and measurement of exploration and evaluation asset is dealt under IFRS6.

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