Financial audit within the Context of the Exploration and Evaluation of Mineral Resources

Author:Alexandru CORACIONI

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Keywords:mineral resources, exploration, evaluation, exploration and development costs, success efforts method

Abstract:
The article presents the problems of the exploration and evaluation of mineral resources within the framework of the accounting concepts applicable in Romania, and also the impact over the activity of the financial auditor. It also describes the general legal framework for the deployment of the extractive industry activities, together with the classification of the main types of activities. The accounting concepts applicable for the exploration and evaluation of the mineral resources are described in comparison with the international accounting rules IFRS 6 and FAS 19 (U.S.A.), being supplemented with specific information from the valuation standards. At the end some aspects for the financial audit mission related to this domain are discussed.\r\n

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