The IASB has approved in principle the proposals that will be included in an exposure draft on the application of existing IFRSs by companies in the mining and oil and gas industries. The proposed amendments with respect to recognising exploration assets would be included in IAS 16, Property Plant and Equipment. There will also be a cross-reference to IAS 38, Intangible Assets. However, the IASB agreed to permit the continuation of current accounting practices for exploration assets.