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IFRS Accounting Standards are developed by the International Accounting Standards Board (IASB). The IASB is an independent standard-setting body within the IFRS Foundation.
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SIC-7 Introduction of the Euro
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SIC-7 clarifies how an entity translates amounts in its financial statements when its functional currency is replaced by the euro.
Standard history
In April 2001 the International Accounting Standards Board adopted SIC‑7 Introduction of the Euro, which had originally been issued by the Standing Interpretations Committee of the International Accounting Standards Committee in May 1998.
Other Standards have made minor consequential amendments to SIC‑7, including IFRS 9 Financial Instruments (Hedge Accounting and amendments to IFRS 9, IFRS 7 and IAS 39) (issued November 2013).
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