Global Standards for the world economy

Tuesday 06 December 2016

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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?


 Proposed changes: Draft IFRIC Interpretation

Draft IFRIC Interpretation—Foreign Currency Transactions and Advance Consideration

To provide guidance about the exchange rate to be used 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

Expected completion date: Q4 2016