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Section PS 2600 - Foreign Currency Translation [Archived in June 2011 on issue of Section PS 2601]

Effective date:

January 1, 2003, except for subsequent amendments.

Published by the PSAB:

January 2003

Overview

This Section establishes standards on how to account for and report transactions that are denominated in a foreign currency in government financial statements. It also addresses hedge accounting for foreign exchange transactions.

History of Section PS 2600

Date

Development

Comments

January 2003

New Section

This new Section recommends recognition, measurement, presentation and disclosure requirements for transactions that are denominated in a foreign currency. It also addresses hedge accounting for foreign exchange transactions. It applies to federal, provincial, territorial and local governments.

This Section applies to fiscal years beginning on or after January 1, 2003. Earlier adoption is encouraged.

June 2011

New Section PS 2601 Foreign Currency Translation issued and archiving of Section PS 2600 Foreign Currency Translation

New Section PS 2601 Foreign Currency Translation, was issued, revising and replacing Section PS 2600. Section PS 2601 is effective for (i) government organizations for fiscal years beginning on or after April 1, 2012; and (ii) governments for fiscal years beginning on or after April 1, 2019. Earlier adoption is permitted. Sections PS 1201 Financial Statement Presentation, and PS 3450 Financial Instruments, are to be adopted at the same time as Section PS 2601.

Note: The above summary does not include details of consequential amendments made as the result of other projects.

Public Sector Accounting Discussion Group meetings

  • March 15, 2017 - Section PS 2600: Foreign Currency Debt – Rates and Hedges

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.