Welcome to the website of the IFRS Foundation and the IASB

Friday 31 July 2015

Banner graphic

Foreign currency translation


 Foreign Currency Translation

Project objective

The Korea Accounting Standards Board (KASB) requested 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.

The IASB added the topic to the research programme after the 2011 Agenda Consultation.

The initial assessment phase has already been completed. In October 2014, the IASB decided:

  • not to proceed with a short-term project dealing with the accounting for long-term payables and receivables; and
  • to reclassify the broader work on foreign currency translation from short-term to longer-term in its Research Programme.

Project stages




/* IE11 Fix for SP2010 */ if (typeof (UserAgentInfo) != ‘undefined’ && !window.addEventListener) { UserAgentInfo.strBrowser = 1; }