The Brazil Securities Commission (CVM) has opened a public consultation on proposed requirements for determining accounting policies for mineral exploration and evaluation expenditure. Draft Technical Pronouncement CPC 34 is aligned with International Financial Reporting Standard 6, issued by the International Accounting Standards Board. It covers spending by entities exploring and evaluating ores, oil, natural gas and similar nonrenewable resources. The accounting consultation concerns a sector whose financing has also been the subject of CVM engagement with industry. In July, the regulator received proposals to improve access to Brazil’s capital markets for mining companies at the pre-operational stage.
Brazil Securities Commission consults on accounting requirements for mineral exploration and evaluation
The Brazil Securities Commission (CVM) is consulting on proposed accounting requirements for mineral exploration and evaluation expenditure under draft Technical Pronouncement CPC 34, aligned with International Financial Reporting Standard 6. The proposals cover entities exploring and evaluating ores, oil, natural gas and similar nonrenewable resources.