IFRS 6 'Exploration for and evaluation of mineral resources'

SOCO International plc Monitor

SOCO International plc Annual Report 2016
CR Monitor Issue: 
2017/0903
Company covered: 
SOCO International plc
Period End: 
31 December, 2016
Report issued on 05 September 2017 covered the following practice issues:
Change
Impairments accounting policy extended to include disclosure of impairment indicators in respect of exploration and evaluation assets.
Change
Audit report enhanced by inclusion of summary of audit approach and tabular disclosure in respect of materiality.
Change
Geographic breakdown added in respect of exploration and evaluation intangible assets.
Change
Human resource, climate change, and cyber risk identified as new areas of principal risk.
New
Introduction of diagram showing risk management structure within risk management report section of the strategic report.

Eni SpA Period End 31 December 2009

Eni SpA Annual Report 2009
Commitments shifted from narrative to table
Italian oil and gas company Eni discloses, in a table of commitments, expected capital expenditures over a number of years, with the comparative figure increased from €205 million to €13.4 billion, but leaves it unclear whether the amounts were aggregated with other figures in its prior year liquidity disclosures.

Lonmin plc Period End 30 September 2007

Lonmin Annual Report Year 2008

Intangible assets represent 47.5% of net assets following acquisition
Following an acquisition, UK mining company Lonmin recognises US$611 million exploration and evaluation expenditure as an intangible asset and goodwill of $73 million with the result that all intangibles represent 47.5% of its net assets.

Rio Tinto plc Period End 31 December 2006

Dual benefit of increased sales prices
UK mining company Rio Tinto reports a 40% increase to US$10.2 billion in profit before tax, with 31.3% of the increase attributable to reversals of impairments following from increases in the sale prices of its products.