Lack of Exchangeability – International Accounting Standards Board

Date recorded:

At its meeting on July 22-23, 2020, the IASB discussed requirements for the transition to and early application of the proposed amendment to IAS 21. The Board tentatively decided (i) to propose that, if applicable, an entity would apply the amendment prospectively from the beginning of the annual reporting period in which it first applies the amendment (date of initial application) and not restate comparative information; (ii) to provide no specific exemption for a first-time adopter from the proposed amendment to IAS 21; and (iii) to permit an entity to apply the proposed amendment earlier than the effective date. All of the Board members confirmed they were satisfied the Board has complied with the applicable due process steps and that it has undertaken sufficient consultation and analysis to begin the balloting process for the exposure draft. No Board member indicated an intention to dissent from the proposals in the exposure draft. The Board plans to publish its exposure draft in due course.

Review the IASB Update and podcast on the Board's Web site.

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