The ASC has issued amendments to SFRS(I) 1-21 and FRS 21 The Effects of Changes in Foreign Exchange Rates.
What changes
- Guidance on assessing whether a currency can be exchanged into another currency.
- How to estimate a spot exchange rate when it cannot.
- New disclosures on the effects and risks when a currency is not exchangeable.
Effective date
Annual reporting periods beginning on or after 1 January 2025.