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Foreign currency translation

Background

This project was initiated as a research project examining the volatility of reported income on long-term construction contracts associated with movements in foreign currency exchange rates.

This project initially examined previous research conducted by the Korean Accounting Standards Board (KASB) and considered whether any work on IAS 21 The Effects of Changes in Foreign Exchange Rates was appropriate.

The project subsequently morphed into a broader research project on foreign currency translation, focused on issues such as performance reporting rather than narrow scope issues.

 

Current status of the project

The IASB has completed its initial assessment on this project and has no current plans to undertake additional work. It plans to remove this project from the research programme, subject to feedback in the next agenda consultation.

 

Project milestones

DateDevelopmentComments
December 2012 Added to the IASB work programme as a research project
October 2014 IASB decided not to pursue narrow scope amendments to IAS 21, in favour of a longer term broader research project Broader research project to be considered as part of the 2015 agenda consultation
May 2015 The IASB has completed its initial assessments on this project and has no current plans to undertake additional work. It plans to remove this project from the research programme, subject to feedback in the next agenda consultation.

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