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In April 2021, the International Accounting Standards Board (IASB) published the Exposure Draft Lack of Exchangeability. The Exposure draft proposes to add requirements to IAS 21 for an entity to determine whether a currency is exchangeable into another currency and the exchange rate to use when it is not.

IASB® Update February 2023

The IASB discussed its proposed amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates and tentatively decided:

  1. to proceed with the proposed amendments to IFRS 1 First-time Adoption of International Financial Reporting Standards; and
  2. not to make amendments to IFRS 13 Fair Value Measurement.

All 12 IASB members agreed with these decisions.

The IASB tentatively decided to require an entity to apply the amendments for annual reporting periods beginning on or after 1 January 2025 and to permit earlier application.

All 12 IASB members agreed with this decision.

The IASB decided to finalise the amendments without re-exposure.

All 12 IASB members agreed with this decision.

No IASB member indicated an intention to dissent from issuing the amendments.

All 12 IASB members confirmed they were satisfied that the IASB has complied with the applicable due process requirements and has undertaken sufficient consultation and analysis to begin the process for balloting the amendments.

Next milestone

IFRS Accounting Standard Amendment