Methods of Capital Expenditures Accounting on Mineral Reserves Exploration and Evaluation According to the Successful Efforts Method

The article is devoted to substantiation of accounting procedure of capital expenditures related to exploration and evaluation of mineral resources (mineral reserves) by successful efforts method. There are explained the economic nature of the exploration and evaluation assets based on the analysis of existing approaches to this category, which are contained in legal documents of different countries. There are highlighted the inventory items of tangible and intangible nature as the exploration and evaluation assets, as well as offered the methods of their accounting to the account 08 'Investments in long-term assets' with the use of analytical sub-accounts system in the context of producing fields, countries of their location, licensed areas, separate inventory objects in a licensed area. These methods will form the complete information on the composition, presence, movement and use of exploration and evaluation assets for the purposes of analyzing the effectiveness of the use of mineral resources in the life cycle stage of development of deposit 'exploration and evaluation'. There are developed the model of cost accounting for mineral resources exploration and evaluation for companies of oil and gas extraction and mining industries of the Republic of Belarus taking into account the current practices and requirements of IFRS.