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On 15 August 2023 the International Accounting Standards Board (IASB) issued Lack of Exchangeability, which amends IAS 21 The Effects of Changes in Foreign Exchange Rates.

In the webcast below, IASB Technical Staff Members Jenifer Minke-Girard and Rashida Abdryashitova explain how the IASB’s new requirements aim to address situations in which a currency is not exchangeable into another currency.

The webcast:

  • explains the two-step approach to assessing whether a currency is exchangeable and estimating the spot exchange rate when it is not;
  • explains the disclosure objective; and
  • outlines the effective date for implementing the new requirements.