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c. Either the cost model or the revaluation model.
d. The recoverable amount model.
7. Which of the following facts or circumstances would not trigger a need to test an evaluation and exploration asset for impairment?
a. The expiration—or expected expiration in the near future—of the period for which the entity has the right to explore in the specific area, unless the right is
expected to be renewed.
b. The absence of budgeted or planned substantive expenditure on further exploration and evaluation activities in the specific area.
c. A decision to discontinue exploration and evaluation activities in the specific area when those activities have not led to the discovery of commercially viable
quantities of mineral resources.
d. Lack of sufficient data to determine whether the carrying amount of the exploration and evaluation asset is likely to be recovered in full from successful
development or by sale.
8. Which of the following is not a disclosure required by IFRS 6?
a. Information about commercial reserve quantities.
b. Accounting policies for exploration and evaluation expenditures, including the recognition of exploration and evaluation assets.
c. The amounts of assets, liabilities, income and expense, and operating and investing cash flows arising from the exploration for and evaluation of mineral
resources.
d. Information that identifies and explains the amounts recognized in the financial statements arising from the exploration for and evaluation of mineral resources.