Foreign currency transactions and advance consideration - IASB
Date recorded:
At its meeting on June 23, 2015, the IASB considered proposals for a draft IFRIC Interpretation—Foreign Currency Transactions and Advance Consideration, which has been developed by the Interpretations Committee. The draft Interpretation proposes guidance on how to determine the date of the transaction for the purposes of IAS 21, The Effects of Changes in Foreign Exchange Rates when an entity recognizes a non-monetary prepayment asset or non-monetary deferred income liability before it recognizes the related asset, expense or income (or part of it). The IASB expects to issue the draft Interpretation in Q3 2015.
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