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Foreign currency transactions and advance consideration - IASB

Date recorded:

At its meeting on October 18-19, 2016, the IASB ratified IFRIC Interpretation Foreign Currency Transactions and Advance Consideration. The Interpretation addresses how to determine the exchange rate to use on initial recognition of the related asset, expense or income on the derecognition of a non-monetary asset or non-monetary liability arising from advance consideration in a foreign currency. The Board expects to issue the Interpretation before the end of 2016.

Review the IASB Update on the IASB's Web site.

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.