IAS 21 — Foreign currency transactions and advance consideration
Background
The IFRS Interpretations Committee observed some diversity in practice regarding the exchange rate used when reporting transactions that are denominated in a foreign currency in accordance with IAS 21 The Effects of Changes in Foreign Exchange Rates in circumstances in which consideration is received or paid in advance of the recognition of the related asset, expense or income. As a consequence, the Interpretations Committee decided to develop an interpretation.
Current status of the project
This project has been completed. The IASB issued IFRIC 22 Foreign Currency Transactions and Advance Consideration on 8 December 2016.
Project milestones
Date | Development | Comments |
---|---|---|
November 2014 | Added to the Interpretations Committee's agenda | |
21 October 2015 |
DI/2015/2 Foreign Currency Transactions and Advance Consideration published
|
Comments requested by 19 January 2016 |
8 December 2016 |
IFRIC 22 Foreign Currency Transactions and Advance Consideration issued
|
effective for annual reporting periods beginning on or after 1 January 2018 |