Global Standards for the world economy

Saturday 25 March 2017

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Foreign Currency Transactions and Advance Consideration

IAS 21 The Effects of Changes in Foreign Exchange Rates: Foreign currency transactions and advance consideration: What is the date of the transaction for the purpose of identifying the applicable exchange rate?


 Completed work–IFRIC Interpretation 22

IFRIC Interpretation 22—Foreign Currency Transactions and Advance Consideration

IFRIC 22 provides requirements about which exchange rate to use in reporting foreign currency transactions (such as revenue transactions) when payment is made or received in advance.

Project stages

Deliberations

The Draft Interpretation was published in October 2015.

Deliberations

Issued documents

Stage completed: December 2016 with issue of IFRIC Interpretation 22 Foreign Currency Transactions and Advance Consideration