SIC-7 — Introduction of the Euro
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Effective date: |
First effective as Canadian GAAP under Part I for interim and annual financial statements relating to fiscal years beginning on or after January 1, 2011. Earlier application of Part I was permitted |
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Published by the IASB: |
December 2003 |
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Included in Part I of CPA Canada Handbook: |
January 2010 |
Overview
This Interpretation addresses how the introduction of the Euro, resulting from the European Economic and Monetary Union (EMU), affects the application of IAS 21, The Effects of Changes in Foreign Exchange Rates. SIC-7 Introduction of the Euro states that the requirements of IAS 21 should be strictly applied when a country joins the EU's Economic and Monetary Union.
History of SIC 7
The following table shows the history of this standard subsequent to the adoption of IFRS in Canada.
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Date1 |
Development |
Comments |
Included in Part I of the CPA Canada Handbook2
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|
January 2010 |
Part I of the CPA Canada Handbook issued |
Effective for interim and annual financial statements relating to fiscal years beginning on or after January 1, 2011. Earlier application is permitted. |
January 2010 |
Notes
- For further details of relevant developments prior to this, please refer to our Deloitte Global section.
- Newly issued, amended or revised IFRSs are part of Canadian GAAP only after they are approved by the Accounting Standards Board in accordance with its due process.
The above summary does not include details of consequential amendments made as the result of other projects.
Related Standards
- IAS 8, Accounting Policies, Changes in Accounting Estimates and Errors
- IAS 10, Events After the Reporting Period
- IAS 21, The Effects of Changes in Foreign Exchange Rates
Related IFRIC Agenda Rejection Notices
- None
Amendments under consideration
- None