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AASB 6 is an activity based standard; as such it does not fully cover other areas of extractive industries.Make a list and briefly explain the other relevant standards that a mining company has to consider in producing its financial statements under the new regime.
Section 179
A provision in the U.S. tax code that allows businesses to deduct the full purchase price of qualifying equipment and/or software within the tax year it was purchased.
Maximum Deduction
The highest amount that can be subtracted from taxable income, as allowed by tax laws.
Cost Recovery Deduction
A tax deduction that allows a taxpayer to recover the cost of an investment over time through depreciation, amortization, or depletion.
50% Bonus
A premium payment of half the worth of an item, salary, or stipulated amount as an additional reward.
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