Subject The real value of a company engaged in diamond-mining equals the value of reserves the company owns. Therefore, important decisions concerning accounting policy and information disclosure depend on the type of explored reserves. The definition of various categories of reserves is vitally important for understanding the meaning of financial reports of a diamond mining company. The subject of the research is the facts of economic life as an object of accounting for mineral prospect assets in a diamond-mining company. The international and, from 2011, the Russian accounting practice have the mineral prospect concept to express the value of reserves possessed by a company. However, the scientific literature addresses insufficiently the accounting for the facts of economic life of exploration works. In this regard, further research of the issues presented in the article seems relevant. Objectives The objective of the article is to study problem issues on accounting for facts of economic life of mineral prospects. To this effect, it is necessary to achieve the following tasks: to define the facts of economic life concept; to identify and classify the facts of economic life, and to single out the main stages of modelling the accounting process of mineral prospects under Russian and International Financial Reporting Standards. Methods To justify the main provisions of the study, we used the methods of classification, evaluation, comparison, as well as conceptual and logical methods. Results The result of the study is the understanding that the concept of facts of economic life is broader than the concept of facts of economic activity. We substantiated the need to use the new accounting object of mineral prospects in the exploration industry, clarified the stages of accounting process modelling, i.e. identification, reconstruction and classification of the facts of economic life with regard to accounting for mineral prospects and exploration expenditures, and identified the stages of diamond exploration enabling to optimize mineral prospects accounting. Conclusions and Relevance The main stages of modeling the facts of economic life accounting that we presented in the article will improve the quality and accuracy of information on mineral prospects presented in financial statements for internal and external users. The obtained results may serve as a basis for further scientific research of accounting for facts of economic life of mineral prospects and exploration expenditures. Diamond-mining companies may also apply our findings in accounting for mineral prospects.
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