Problems of Accounting of Explored Natural Resources in Mining Companies

The article is devoted to disclosure of problematic accounting issues in the mining companies, due to the specifics of the industry and the search for solutions. Uncertainty of the future development of natural resources affect the accounting of costs associated with the exploration and evaluation of natural resources. The assignment of these costs to the financial results of the company is justified only if the result of exploration is of negative development. Otherwise, the financial results shown in the financial statements, will distort the real business dynamics. Based on this it is current to find a special accounting mechanism of deferred expenses for future periods so that while it would be possible not to recognize any assets. Relativity of the control of geological reserves of minerals in the bowels does not allow reflecting them in the financial statements in accordance with the classical principles for recognizing the assets. So it is necessary to justify the alternative measures that would complement financial statements. Problem constitutes also the assessment of the extracted minerals for accounting purposes. Modern accounting methodology in the part of settlement of described problems have not developed effective mechanisms, so the scientific research in this area is actual.