November 2012

• Lease classification to remain- what are some implications
• The IFRS Foundation publishes analysis of the SEC staff’s final report on IFRS
• Spotlight on Canada
• IFRS adoption in Canada
• Our IFRS Update on projects the IASB and IFRS Interpretations Committee are currently discussing

September 2012

• The next wave of IFRS changes that become effective in 2013
• Executive compensation and the debate over the accounting for equity-settled share-based awards
• The IAASB's suggested changes to improve the value of the auditor's report
• Our IFRS Update on projects the IASB and IFRS Interpretations Committee are currently discussing

July/August 2012

• Lessons learned from year-end reporting: current and future challenges
• Interim reporting: are you telling the half-time story?
• Financial reporting considerations in the current economic volatility
• IFRS project update
• Resources

May 2012

• Time for governments to come clean
• Convergence — a moving target
• Consistency in IFRS — no borders, one language: dream or reality?
• The future of the IASB's agenda
• IFRS project update
• Resources

March 2012

• More work needed on revenue recognition
• IFRS in Brazil: Spotlight on Brazil's IFRS adoption
• IFRS project update

January 2012

• Global Accounting Standards post-2011 — a way forward
• Hedge accounting moves closer to risk management practices
• IFRS project update

October 2011

• A better revenue accounting model?
• Conversation with Wayne Upton — A tough balancing act for the IFRS Interpretations Committee
• IFRS project update

August 2011

• Lease accounting is entering a second phase of public consultation — the impact on lessees
• Reviews of two key IASB bodies throw light on underlying dynamics of IFRS
• SEC publishes Staff Paper on incorporating IFRS into the US Financial Reporting System — our views
• IFRS update

May/June 2011

• What you need to know about the new consolidation, joint arrangements and disclosure standards
• Fair value measurement: What you need to know about the new standard
• IFRS monthly update
• Resources

March/April 2011

• Effective dates — when will proposed new IFRS standards apply?
• What we think of the new proposed approach for impairment of financial assets
• Our views on the hedge accounting proposals
• IFRS monthly update

Issue 49: Boards progress further on revenue re-deliberations (December 2012)

In December 2012, the IASB and FASB continued their joint re-deliberations of the revenue recognition exposure draft. Tentative decisions were made in relation to allocating the transaction price, constraining revenue recognised for sales-based royalties and capitalising contract acquisition costs.

Issue 48: Exposure drafts issued on narrow amendments to IFRS 10, IFRS 11 and IAS 28 (December 2012)

The IASB proposes narrow amendments to IFRS 10, IFRS 11 and IAS 28 to clarify the accounting for the acquisition of an interest in a joint operation that is a business (as defined in IFRS 3); and how to account for the sale/contribution of assets by an investor to its associate or joint venture (IAS 28 (2011) and IFRS 10).

IFRS Developments for Media & Entertainment and Technology: The Boards explore a new direction on licence arrangements (November 2012)

During their most recent joint meeting on revenue recognition in November, the IASB and the FASB tentatively decided to explore a new approach for the accounting of licences in response to concerns raised during the consultation process from constituents across multiple sectors such as Media & Entertainment and Technology. Read more about the proposal.

Issue 47: The IASB proposes limited amendments to IFRS 9 classification and measurement model (November 2012)

In November 2012, the IASB issued the proposed Annual improvements to IFRS 2011 – 2013 cycle exposure draft which contains four proposed changes to four standards. The proposed amendments would affect IFRS 1 First-time Adoption of International financial reporting Standards, IFRS 3 Business Combinations, IFRS 13 Fair Value Measurement and IAS 40 Investment Property, and are intended to clarify the standards where diversity exists.

Issue 45: Proposed annual improvements to IFRS – 2011 – 2013 cycle

In November 2012, the IASB issued the proposed Annual improvements to IFRS 2011 – 2013 cycle exposure draft which contains four proposed changes to four standards. The proposed amendments would affect IFRS 1 First-time Adoption of International financial reporting Standards, IFRS 3 Business Combinations, IFRS 13 Fair Value Measurement and IAS 40 Investment Property, and are intended to clarify the standards where diversity exists.

Issue 44: Investment entities final amendment - exception to consolidation (November 2012)

The IASB has issued an amendment to IFRS 10 Consolidated Financial Statements to provide an exception to the consolidation requirement for entities that meet the definition of an investment entity. The exception to consolidation requires investment entities to account for subsidiaries at fair value through profit or loss in accordance with IFRS 9 Financial Instruments.

Issue 43: IFRS Foundation publishes analysis of SEC staff's final report on IFRS (October 2012)

The IFRS Foundation has published its staff analysis of the SEC's final Staff Report on IFRS, addressing a number of issues, including: IFRSs as global accounting standards; the IASB as a global standard setter; and the challenges for US transition. This publication summarises the findings and views of the IFRS Foundation staff.

Issue 42: Put options written on non-controlling interests − our views (October 2012)

The IFRS Interpretations Committee recently issued a draft interpretation giving guidance on how a parent entity should account for a put option written on the shares of a subsidiary that is held by non-controlling interest shareholders. We outline our views about the proposals, as set out in our comment letter to the Committee.

Issue 41: IFRS 9 classification and measurement — IASB deliberations are now substantially complete

The IASB tentatively decided to propose amendments to IFRS 9 Financial Instruments to permit the application of the requirements for the presentation of fair value gains or losses attributable to changes in its own credit risk, without the need to early adopt IFRS 9 in its entirety. The IASB's deliberations on the limited amendments to IFRS 9 are now substantially complete.

Issue 40: General hedge accounting

The IASB issued a Review Draft of the standard on general hedge accounting. We summarise the main changes.

Issue 39: Draft interpretation on levies (August 2012)

On 31 May 2012, the IFRS Interpretations Committee issued for public comment, Draft Interpretation DI/2012/1 Levies Charged by Public Authorities on Entities that Operate in a Specific Market. The DI clarifies the recognition and measurement of the liability for levies charged by public authorities on entities operating in a specified market.

Issue 38: Financial instruments: classification and measurement – joint deliberations now complete (August 2012)

At their joint meeting, the IASB and the US FASB discussed accounting for the reclassification of financial assets between measurement categories and related disclosures.

Issue 37: Impairment of financial assets – the last details? (July 2012)

Read our summary of the IASB and FASB's recent tentative decisions on the disclosures to accompany the proposed IFRS 9 Financial Instruments expected loss impairment model and its application to loan commitments and financial guarantee contracts.

The IASB separately discussed IFRS-only disclosures, transition provisions and application to: originated credit-impaired financial assets; deteriorated credit-impaired financial assets; and reclassified assets.

Issue 36: SEC staff issues its Final Report on IFRS

The SEC staff has issued its Final Report on its Work Plan for the Consideration of Incorporating IFRS into the Financial Reporting System for U.S. Issuers. The Commission still needs to decide on the threshold question — whether and, if so, how and when IFRS should be incorporated into the US financial reporting system.

Issue 35: Transition guidance amendments for IFRS 10, IFRS 11 and IFRS 12 (June 2012)

The IASB issued amendments to IFRS 10, IFRS 11 and IFRS 12, that change the transition guidance to provide further relief from full retrospective application.

Issue 34: Investment entities - the plot thickens (June 2012)

The IASB and FASB recently redeliberated the Investment Entities proposals. Among the changes tentatively decided, a definition would replace the six criteria for an investment entity.

Issue 33: Financial Instruments: classification and measurement - the ball continues to roll (June 2012)

The IASB and the FASB have taken further decisions this month on their classification and measurement model for financial instruments in the fair value through other comprehensive income category. This IFRS Developments publication highlights these tentative decisions and their impact on the classification and measurement model for such instruments.

Issue 32: Circling back to straight-line leases but with a twist (June 2012)

The IASB and the US FASB decided that lessees and lessors would classify leases based primarily on the nature of the leased asset. For lessees, some leases would have an accelerated lease expense recognition pattern and others would have a straight-line lease expense recognition pattern. Lessees would recognise all leases (other than short-term leases) on the balance sheet.

Issue 31: Financial Instruments: classification and measurement - the GAAP differences continue to narrow (May 2012)

The IASB and the FASB continue to make significant progress in aligning their classification and measurement models for financial instruments. Our IFRS Developments publication highlights their latest tentative decisions.

Issue 30: Macro hedge accounting decoupled from IFRS 9 project (May 2012)

At its May 2012 meeting, the IASB decided to work towards a DP on macro hedge accounting as a next due process step before issuing an ED. The Board also decided to decouple the macro hedge accounting project from the IFRS 9 Financial Instruments project and to continue permitting current macro hedge accounting guidance until the project is finalised.

Issue 29: Annual improvements to IFRS — the 2009 — 2011 cycle (May 2012)

In May 2012, the IASB issued the Annual Improvements to IFRSs 2010 - 2012 Cycle exposure draft (ED). The ED contains necessary, but non-urgent, proposed changes to 11 IFRS standards (excluding consequential amendments). Here we provide an overview of the proposed changes.

Issue 28: Proposed annual improvements to IFRS - the 2010-2012 cycle (May 2012)

In May 2012, the IASB issued the Annual Improvements to IFRSs 2010 - 2012 Cycle exposure draft (ED). The ED contains necessary, but non-urgent, proposed changes to 11 IFRS standards (excluding consequential amendments). Here we provide an overview of the proposed changes.

Issue 27: Classification and measurement of financial instruments – narrowing the GAAP. (April 2012)

IFRS Developments issue 27 highlights the IASB and FASB's latest tentative decisions and significant progress in bringing their classification and measurement models into greater alignment.

Issue 26: IFRS 9 Impairment of financial assets – a step closer to completion (April 2012)

IFRS Developments, Issue 26 explains the latest tentative decisions as the Boards continue developing their "three-bucket" expected loss approach for estimating the impairment of financial assets.

Issue 25: Boards weighing effects of putting leases on the balance sheet (March 2012)

The IASB and the FASB remain committed to putting leases on the balance sheet. However, they continue to struggle with how to recognise related lease revenue and expense. This is likely to delay a new exposure draft.

Issue 24: IFRS Foundation announces changes to its governance (February 2012)

The IFRS Foundation published two reports on 9 February 2012 that include key decisions on the organisation's governance and strategy. This publication discusses the principal highlights of the reports, including a number of proposals made on the composition and structure of the IASB, Trustees and Monitoring Board of the IFRS Foundation. Of note are the recommendations to limit the membership of the Monitoring Board to only those jurisdictions that commit to domestic use of IFRS in the jurisdiction's capital market and participate in the funding of the IFRS Foundation. The reports also include the decision not to open membership of the Monitoring Board to stakeholders outside of capital market authorities.

Issue 23: Limited improvements to the IFRS 9 classification and measurement model (January 2012)

At its 13 December 2011 meeting, the IASB reached a tentative decision to consider making limited improvements to IFRS 9 Financial Instruments. While limiting the scope of the review, the IASB seeks to address the interaction between this standard's classification and measurement model and the accounting for insurance contract liabilities. The IASB also seeks to address specific application issues in IFRS 9 and consider possible alignment between IFRS 9 and the FASB's proposed classification and measurement model.

Issue 22: Offsetting of financial instruments (December 2011)

The December 2011 amendments to IAS 32 and IFRS 7 on offsetting of financial instruments are intended to clarify existing application issues relating to the offsetting rules, reduce the level of diversity in current practice and to overcome the differences in the offsetting requirements under IFRS and US GAAP. The clarifying amendments to IAS 32 are effective for the annual periods beginning on or after 1 January 2014. The new disclosures in IFRS 7 are required for annual periods beginning on or after 1 January 2013 and interim periods within those annual periods. Both require retrospective application for comparative periods.

Issue 21: Credit impairment - a major step forward in achieving convergence (December 2011)

The IASB and the FASB made significant progress at their December 2011 joint board meeting, having agreed on several tentative decisions in relation to the “three-bucket” expected loss approach to the impairment of financial assets. These include, the transfer principle from Bucket 1 into Bucket 2 or Bucket 3; the Bucket 1 impairment allowance; the differentiating factor between Bucket 2 and Bucket 3; the grouping of financial assets for impairment evaluation; and the application of the new impairment approach to retail loans, commercial loans and debt securities.

Issue 20: Support grows for keeping US GAAP but basing future standards on IFRS (December 2011)

Representatives of the SEC, the IASB and the FASB discussed the incorporation of IFRS into the US financial reporting system at the AICPA National Conference on Current SEC and PCAOB Developments (the Conference) in Washington, DC.

Issue 19: SEC staff issues two papers on IFRS (November 2011)

As part of its work plan to consider whether (and if so, when and how) IFRS should be incorporated into the US financial reporting system, the SEC staff has released two papers: An Analysis of IFRS in Practice and A Comparison of US GAAP and IFRS.

Issue 18: IASB and FASB issue revised revenue recognition proposals (November 2011)

The IASB and the FASB have issued revised proposals to improve the accounting for revenue under both IFRS and US GAAP. Their decision to re-expose the proposals will delay the project, but gives constituents an opportunity to re-evaluate the revised model. The Boards' objective is to create a single revenue model that can be applied to most revenue transactions under both accounting frameworks. For some entities, the revised proposals may alleviate the burden of implementation as aspects of the proposed model are now more aligned with current practice. For other entities, when and how much revenue is reported may still be significantly impacted.

Issue 17: Operating lease accounting survives for some real estate lessors (October 2011)

In October 2011, the IASB and the FASB significantly modified the proposed accounting for lessors that they had agreed to in July 2011. They removed the requirement that profit must be reasonably assured to recognise profit upon the commencement of the lease, and made other modifications to the proposed approach. In addition, the Boards decided that lessors with leases of investment property measured at cost would apply current operating lease accounting.

Issue 16: Hedge accounting - summary of redeliberations (September 2011)

At its September 2011 meeting, the IASB completed redeliberations on the Exposure Draft Hedge Accounting (the ED). During the redeliberations, the Board made some significant changes to proposals in the ED addressing some, but not all, of the major concerns raised by constituents in their comment letters on the ED. This edition of IFRS Developments summarises the main tentative decisions of the IASB. The IASB also plans to publish a staff draft of the final standard on its website. Meanwhile, the Board continues to deliberate a separate proposal on macro hedge accounting.

Issue 15: Proposal for investment entities to measure investments at fair value (August 2011)

The IASB in August 2011 published an Exposure Draft (ED) Investment Entities, which proposes an exception to the principle in IFRS that an entity consolidates all controlled entities. Instead the ED would require an entity that meets the criteria to be an investment entity to measure all controlled investments at fair value, with changes recognised in profit or loss.

Issue 14: A step forward in hedge accounting (August 2011)

At its July 2011 meetings, the IASB made a significant step towards releasing a new standard on hedge accounting. The tentative decisions taken by the Board at these meetings are consistent with its intention to link an entity's risk management strategy with the rationale for hedging and the impact of hedging on the financial statements. This will allow many entities, both financial institutions and corporations, to apply hedge accounting to more of their common hedging strategies.

Issue 13: Accounting for waste removal costs in surface mines (July 2011)

The IFRS Interpretations Committee considered the near final Interpretation on accounting for waste removal costs during the production phase of a surface mine at its July 2011 meeting.

Issue 10: Boards to re-expose leases, and propose a new approach for lessors (July 2011)

The IASB and the FASB decided to re-expose their joint leases proposal for a second time, due to significant changes to the model proposed in 2010. They also decided that lessors should apply a "receivable and residual" approach to all leases, with a few exceptions. This represents a significant change from current lease accounting and the proposals in the 2010 exposure draft.

Issue 8: Proposed improvements to IFRS (June 2011)

The IASB has proposed seven necessary, but non-urgent, improvements to IFRS as part of its 2009–2011 annual improvements project. The amendments are intended to clarify existing IFRS, typically where ambiguity exists.

Issue 7: Changes to the presentation of other comprehensive income — amendments to IAS 1 (June 2011)

On 16 June 2011, the IASB and the US FASB issued amendments that are intended to improve and align the presentation of items of other comprehensive income (OCI) in financial statements prepared in accordance with IFRS and US GAAP. The amendments to IAS 1 Presentation of Financial Statements require companies preparing financial statements in accordance with IFRS to group together items within OCI that may be reclassified to the profit or loss section of the income statement. The amendments also reaffirm existing requirements that items in OCI and profit or loss should be presented as either a single statement or two consecutive statements. The amendments are effective for annual periods beginning on or after 1 July 2012.

Issue 6: Significant changes to accounting for pensions (June 2011)

The IASB has published amendments to IAS 19 Employee Benefits, which proposes major changes to the accounting for employee benefits, including the removal of the option for deferred recognition of changes in pension plan assets and liabilities (known as the "corridor approach"). The result is greater balance sheet volatility for those entities currently applying the corridor approach. In addition, these amendments will limit the changes in the net pension asset (liability) recognised in profit or loss to net interest income (expense) and service costs. Expected returns on plan assets will be replaced by a credit to income based on the corporate bond yield rate.

Issue 5: Boards to re-expose revenue proposal, delaying project to seek comments (June 2011)

The IASB and the FASB have elected to formally expose their joint revenue recognition proposal for a second time because they have made significant changes to the model they proposed in 2010. Their decision will delay the project, but will give constituents a chance to comment on the changes. We support the Boards' decision to re-expose and strongly encourage companies to re-evaluate the proposed revised model and provide feedback to the Boards.

Issue 4: SEC Staff Paper explores possible approach to incorporating IFRS (June 2011)

The staff of the Securities and Exchange Commission (SEC) has published a staff paper exploring a possible approach for incorporating IFRS into the US financial reporting system. This issue of IFRS Developments provides a high-level summary of the staff paper. Under the proposed approach in the staff paper, US GAAP would be retained and the US FASB would incorporate IFRS into US GAAP during a transition period. Newly issued or amended IFRSs would be incorporated following an endorsement protocol.

Issue 3: A U-turn on straight-line lease expense (May 2011)

At their joint meeting on 19 May 2011, the IASB and the US FASB reversed course on their tentative decision to introduce lease classification and straight-line rent expense into their new accounting model for lessees. The Boards have decided to go back to their exposure draft approach of requiring lessees to recognize interest expense using the interest method and separately amortize the right-of-use asset (generally on a straight-line basis). This approach accelerates lease expense for today's operating leases.

Issue 2: Fair value measurement guidance converges (May 2011)

This issue of IFRS Developments summarises the key points of IFRS 13 Fair Value Measurement, including our perspectives on the new standards.

Issue 1: IASB issues three new standards (May 2011)

This issue summarises the key points of IFRS 10 Consolidated Financial Statements, IFRS 11 Joint Arrangements, IFRS 12 Disclosures of Interests in Other Entities, including our perspectives on the new standards.

Supplement to IFRS Outlook – Issue 97: IFRS 7 Financial Instruments: Disclosures – Impending changes effective for 2011 and 2012

IFRS 7 Financial Instruments: Disclosures (IFRS 7) is continually evolving in response to demands for more robust disclosures in respect of financial instruments. During 2010, several changes were made to IFRS 7 that are set to take effect in 2011 and 2012. Generally, these changes are intended to simplify the disclosures and reduce the amount of time and effort needed to prepare an entity's financial statements. However, the new requirement to disclose the financial effect of collateral held as security is likely to be a systems challenge or a labour intensive exercise for many entities. In this supplement, we take a look at some of the practical considerations that may arise when implementing the changes in 2011 and 2012. The improvements are effective for financial years commencing on or after 1 January 2011.

Supplement to IFRS Outlook – Issue 93: Amendments to IAS 12 Income Taxes (December 2010)

The IASB issued Deferred Tax: Recovery of Underlying Assets (amendments to IAS 12) concerning the determination of deferred tax on investment property measured at fair value. The amendments introduce a rebuttable presumption that deferred tax in relation to such property should be measured on the basis that the carrying amount will be recovered through sale as well, they also incorporate SIC-21 Income Taxes - Recovery of Revalued Non-Depreciable Assets into IAS 12. The amendments are mandatory for annual periods beginning on or after 1 January 2012.

Supplement to IFRS Outlook – Issue 92: First-time adoption of IFRS: Severe hyperinflation and removal of fixed dates (December 2010)

The IASB issued Severe Hyperinflation and Removal of Fixed Dates for First-time Adopters (Amendments to IFRS 1). The amendments to IFRS 1 First-time adoption of International Financial Reporting Standards introduce a new deemed cost exemption for entities that have been subject to severe hyperinflation. They also remove the legacy fixed dates in IFRS 1 relating to derecognition and day one gain or loss transactions.

Supplement to IFRS Outlook – Issue 89: IASB completes phase 1 of IFRS 9 Financial Instruments – classification and measurement (October 2010)

The IASB has issued the first part of Phase 1 of IFRS 9 dealing with the classification and measurement of financial assets. On 28 October 2010, the IASB issued amendments to IFRS 9 to address financial liabilities. Furthermore, these amendments also incorporate the current derecognition principles of IAS 39 into IFRS 9. The amendments are mandatory for annual periods beginning on or after 1 January 2015.

Supplement to IFRS Outlook – Issue 86: Conceptual framework: objectives and qualitative characteristics (October 2010)

The IASB and the FASB announced the completion of the first phase of their joint project to develop an improved conceptual framework for IFRS and US GAAP. The project's objective is to create a sound foundation for future accounting standards that are principles-based, internally consistent and internationally converged. The first phase includes Chapter 1 The objective of general purpose financial statements and Chapter 3 Qualitative characteristics of useful financial information.

Supplement to IFRS Outlook – Issue 85: New disclosures for derecognition of financial instruments (October 2010)

The IASB issued Amendments to IFRS 7: Financial Instruments: Disclosures on 7 October 2010 to enhance the transparency of disclosure requirements for the transfer of financial assets. The amendments will assist users to understand the implications of transfers of financial assets and the potential risks that may remain with the transferor. The effective date will be annual periods beginning on or after 1 July 2011.

Supplement to IFRS Outlook – Issue 64: Prepayments of a minimum funding requirement – amendments to IFRIC 14 (November 2009)

This issue summarises the IASB's amendment to correct an unintended consequence of IFRIC 14 IAS 19 The Limit on a Defined Benefit Asset, Minimum Funding Requirements and Their Interaction. The requirements of IFRIC 14 meant that some entities that were subject to minimum funding requirements could not treat any surplus in a defined benefit pension plan as an economic benefit. This amendment will allow these entities to recognise a prepayment of pension contributions as an asset rather than an expense. The revised IFRIC 14 is effective for annual periods beginning on or after 1 January 2011.

Supplement to IFRS Outlook – Issue 60: IASB publishes IFRS 9 – Phase 1 of a new standard IAS 39 (November 2009)

Phase 1 of the IASBs financial instruments project is now complete, with the issue of IFRS 9 Financial Instruments. Phase 1 establishes a new classification and measurement framework for financial assets, replacing the corresponding sections of IAS 39. In this supplement we highlight the main requirements of IFRS 9, significant issues redeliberated by the Board since June 2009 and discuss the key business impacts. The standard is effective for annual periods beginning on or after 1 January 2015.

Supplement to IFRS Outlook – Issue 59: Related party disclosures – Amendments to IAS 24 (November 2009)

The IASB has issued a revised version of IAS 24 Related Party Disclosures that clarifies and simplifies the definition of a related party. The revised standard also provides some relief for government-related entities (as defined in the amended standard) to disclose details of all transactions with other government-related entities (as well as with the government itself). In this supplement, we summarise the changes to IAS 24 and highlight the potential implications for businesses. The amendments are effective for annual periods beginning on or after 1 January 2011.

Mining & Metals: Delivering capital projects - Addressing the key accounting challenges

Managing the complexity of major capital projects in today's mining and metals landscape has never been more challenging or critical. In addition to the enormous technical, commercial and funding challenges associated with such projects, there are also a number of key accounting challenges. The lack of specific guidance in IFRS means significant management judgement is required to determine the appropriate accounting.

Insurers: Boards debate premium allocation approach (February 2012)

The IASB and the FASB held Education Sessions in January 2012 to re-deliberate the tentative decisions in the IASB's Exposure Draft Insurance Contracts and in the FASB's Discussion Paper Preliminary Views on Insurance Contracts (the DP). The only topic discussed was the premium allocation method.

Insurers: IFRS 10 Consolidated Financial Statements - an insurer's perspective (December 2011)

The changes introduced by IFRS 10 Consolidated Financial Statement will require management to exercise significant judgement to determine which entities are controlled, and therefore are required to be consolidated by a parent, compared with the requirements that were in IAS 27. This publication explores some of the key issues of IFRS 10 for insurers.

Real Estate: Revised Revenue Recognition Proposals - implications for the real estate and construction industries (December 2011)

This publication considers the potential impact of the IASB's and FASB's November 2011 exposure draft on revenue recognition and the key implications for entities in the real estate and construction industries, including real estate investment trusts, funds and homebuilders.

Mining and Metals: Accounting for Waste Removal Costs - A Summary of IFRIC Interpretation 20

This publication summarises the key requirements of IFRIC Interpretation 20 – Stripping Costs in the Production Phase of a Surface Mine, and explores some of the challenges a mining entity may face when determining how to apply its requirements.