Lack of Exchangeability – International Accounting Standards Board

Date recorded:

At its meeting on February 20-23, 2023, the IASB discussed its proposed amendments to IAS 21, The Effects of Changes in Foreign Exchange Rates, and tentatively decided: (i) to proceed with the proposed amendments to IFRS 1, First-time Adoption of International Financial Reporting Standards; and (ii) not to make amendments to IFRS 13, Fair Value Measurement. The IASB tentatively decided to require an entity to apply the amendments for annual reporting periods beginning on or after January 1, 2025 and to permit earlier application. The IASB decided to finalize the amendments without re-exposure. No IASB member indicated an intention to dissent from issuing the amendments. All of the 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. The IASB expects to issue the amendments in the third quarter of 2023.

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