IASB issues amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates
IASB issues amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates
The IASB has issued amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates.
The amendments respond to stakeholder feedback and concerns about diversity in practice in accounting for a lack of exchangeability between currencies. These amendments will require companies to apply a consistent approach in assessing whether a currency can be exchanged into another currency and, when it cannot, in determining the exchange rate to use and the disclosures to provide. The amendments will become effective for annual reporting periods beginning on or after 1 January 2025, with earlier application permitted.
The amendments may be accessed here.
The amendments respond to stakeholder feedback and concerns about diversity in practice in accounting for a lack of exchangeability between currencies. These amendments will require companies to apply a consistent approach in assessing whether a currency can be exchanged into another currency and, when it cannot, in determining the exchange rate to use and the disclosures to provide. The amendments will become effective for annual reporting periods beginning on or after 1 January 2025, with earlier application permitted.
The amendments may be accessed here.