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Deloitte comment letter on tentative agenda decision on IAS 21 — Foreign exchange restrictions and hyperinflation

Published on: 22 Sep 2014

We have commented on the IFRS Interpretations Committee tentative decision not to take onto the Committee’s agenda a request for guidance on the translation and consolidation of the results and financial position of foreign operations in Venezuela (given the strict foreign exchange controls in place).

We recommend that this issue be highlighted to the IASB for possible consideration as part of any future project on foreign currency translation, as addressing the issue of longer-term lack of exchangeability would require consideration of the concepts underpinning IAS 21, and as such may be outside the scope of the Committee’s activities.

Download the full comment letter below.


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