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Ministry of Justice of Ukraine

September 12, 2008

No. 844/15535

ORDER OF THE MINISTRY OF FINANCE OF UKRAINE

of August 26, 2008 No. 1090

About approval of the National provision (standard) of financial accounting 33 "Expenses on exploration of reserves of minerals"

(as amended on 29-09-2020)

According to part two of article 6 of the Law of Ukraine "About financial accounting and the financial reporting in Ukraine" PRIKAZYVAYU:

1. Approve the National provision (standard) of financial accounting 33 "Expenses on exploration of reserves of minerals" approved by Methodological council on financial accounting under the Ministry of Finance of Ukraine which is applied.

2. To provide to management of methodology of financial accounting (Parkhomenko V. M.) provision of this order in five-day time in accordance with the established procedure on state registration in the Ministry of Justice of Ukraine.

3. To department of ensuring activities of the Minister (foster service) (Shpenta I. Yu.) after state registration of this order in the Ministry of Justice of Ukraine to provide its publication in mass media.

4. Determine that the National provision (standard) of financial accounting 33 "Expenses on exploration of reserves of minerals" becomes effective from 01.01.2009.

5. To impose control over the implementation of this order on the deputy minister Fudashkin D. O.

 

Minister

V. Pinzenyk

Approved the Order of the Ministry of Finance of Ukraine of August 26, 2008 No. 1090

National provision (standard) of financial accounting 33 "Expenses on exploration of reserves of minerals"

I. General provisions

1. This National provision (standard) determines methodological bases of forming in financial accounting of expense information on investigation and determination of amounts and quality of inventories of minerals and its disclosure in the financial reporting.

2. Regulations of this National provision (standard) are applied by the companies, the organizations and other legal entities (daleepredpriyatiya) irrespective of patterns of ownership (except budgetary institutions and the companies which according to the legislation constitute the financial reporting under International Financial Reporting Standards) and do not extend to stages of trial development of fields.

3. Terms which are used in provisions (standards) of financial accounting have the following value:

Assets on exploration of reserves of minerals - the expenses connected with investigation and determination of amounts and qualities of inventories of the minerals recognized as assets.

Expenses on exploration of reserves of minerals - the expenses arising in connection with investigation and determination of amounts and qualities of inventories of minerals for the period after which technical capability and economic feasibility of their production is determined.

Exploration of reserves of minerals - search and determination of amounts and quality of minerals, including oil, natural gas and other non-reproducible natural resources which is performed by the company after receipt of the right to exploration of reserves of minerals within certain site (territory), and also determination of technical capability and economic feasibility of mining.

II. Structure of expenses on exploration of reserves of minerals

1. Join in structure of expenses on investigation and determination of amounts and quality of inventories of minerals:

1.1. The expenses connected with receipt (acquisition of right) of the right to exploration of reserves of minerals.

1.2. Expenses on accomplishment of topographical, project, exploration works, geochemical and geodetic researches.

1.3. Expenses on construction of the prospecting, advancing operational and delivery wells and shurfovy investigation.

1.4. Expenses on sampling and tests.

1.5. The expenses connected with state examination and determination of inventory quantities of minerals.

1.6. The expenses connected with determination of technical capability and economic feasibility of mining.

1.7. Fixed asset depreciation and intangible assets which are used for exploration of reserves of minerals.

2. The structure of expenses on investigation and determination of amounts and quality of inventories of minerals also joins other expenses which are directly connected with exploration of reserves of minerals.

III. Recognition of assets on exploration of reserves of minerals

1. Acquired (received) company non-current tangible assets (in particular special vehicles, drilling equipment) for performance of works on exploration of reserves of minerals are recognized assets according to the National provision (standard) of the financial accounting 7 "Fixed assets" approved by the order of the Ministry of Finance of Ukraine of 27.04.2000 No. 92, registered in the Ministry of Justice of Ukraine 18.05.2000 for No. 288/4509.

2. Acquired (received) company intangible assets (in particular licenses and other special permissions) for exploration of reserves of minerals are recognized registered in the Ministry of Justice of Ukraine 02.11.99 for No. 750/4043 according to the National provision (standard) of the financial accounting 8 "Intangible assets" approved by the order of the Ministry of Finance of Ukraine of 18.10.99 No. 242,.

3. The expenses of the company connected with exploration of reserves of minerals are included in the expenses of the accounting period according to the National provision (standard) of the financial accounting 16 "Expenses" approved by the order of the Ministry of Finance of Ukraine of 31.12.99 No. 318 registered in the Ministry of Justice of Ukraine 19.01.2000 for No. 27/4248, if:

such expenses are performed before receipt of the right to exploration of reserves of minerals within certain site (territory);

further exploration of reserves of minerals within certain site (territory) is not provided;

production of certain inventories of minerals is technically impossible and/or economically inexpedient;

effective period of the license and other special permissions within certain site (territory) ended and its continuation is not expected.

4. Obligations, including the providing arising in connection with exploration of reserves of minerals are recognized  registered in the Ministry of Justice of Ukraine 11.02.2000 for No. 85/4306 according to the National provision (standard) of the financial accounting 11 "Obligations" approved by the order of the Ministry of Finance of Ukraine of 31.01.2000 No. 20,.

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