IFRIC 22 Foreign Currency Transactions and Advance Consideration

Last Updated on 12/02/2020 by 75385885

IFRIC 22 Foreign Currency Transactions and Advance Consideration

References IFRIC 22 Foreign Currency Transactions and Advance Consideration

Background

1 Paragraph 21 of IAS 21 The Effects of Changes in Foreign Exchange Rates requires an entity to record a foreign currency transaction, on initial recognition in its functional currency, by applying to the foreign currency amount the spot exchange rate between the functional currency and the foreign currency (the exchange rate) at the date of the transaction. Paragraph 22 of IAS 21 states that the date of the transaction Read more