The following headline recently appeared in the news:
Overnight the prices of many commodities such as gold, oil, copper, silver, coal, iron ore, nickel, and other commodities have risen to multi-year highs.
Required
Discuss how mineral exploration firms that are not yet producing but have significant discovered resources in the ground would account for this increase in commodity prices under AASB 6.

Answer rating: 100% (QA)

The purpose of mineral exploration is the discovery and acquisition of new mineral deposit amenable to economic extractive operations now or in future ... View the full answer