The IASB to review IAS 21 The Effects of Changes in Foreign Exchange Rates and to assess whether the IASB should replace IAS 21 or undertake some narrower-scope improvements to IAS 21—including the accounting for long-term payables and receivables when a currency is thinly traded and volatile.
In October 2014, the IASB decided:
- not to develop a narrow-scope amendment to IAS 21 that would apply when the currency is volatile and thinly traded;
- not to pursue any of the other matters further; and
- to reclassify the research project to longer-term in its Research Programme.