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Canada’s move to International Financial Reporting Standards (IFRSs) creates challenges for junior mining companies due to the significant differences in characteristics between exploration companies in their development stages and other types of companies. Chartered Professional Accountants Canada (CPA Canada) joined with other organizations to create non-authoritative guidance on IFRS application issues of relevance to these kinds of companies.
For Viewpoints on junior oil and gas companies, click here.
CPA Canada and the Prospectors and Developers Association of Canada (PDAC) created the Mining Industry Task Force on IFRSs to share views on IFRS application issues of relevance to junior mining companies. The following topics have been addressed by the Task Force:
A complete list of the Mining Viewpoints can be found here.
Although the views expressed in these Viewpoints are non-authoritative and have not been formally endorsed by CPA Canada, PDAC or the organizations represented by the task force members, they are generally considered to be best practice. If companies intend on implementing practices that are inconsistent with these Viewpoints, thorough consultation with their auditors should be undertaken.
To contact someone from our Mining & Exploration team click here.