FYI Article – Changes to Published Exchange Rates
Feb 21, 2017
On February 21, 2017, the Accounting Standards Board (AcSB) released an article which provides the IFRS Discussion Group’s perspectives on how the changes to the Bank of Canada’s published exchange rates could affect IFRS reporters.
Effective March 1, 2017, the Bank of Canada will reduce the number of foreign currency exchange rates published and no longer publish noon and closing rates. Instead, a single indicative rate per currency pair will be published each day.
The IFRS Discussion Group discussed the implications this change may have when applying the requirements in IAS 21, The Effects of Changes in Foreign Exchange Rates.
Review the article on the AcSB's website.