AASB Exposure Draft 310 Lack of Exchangeability

The AASB is proposing to amend AAS 121 The Effects of Changes in Foreign Exchange Rates to help companies determine whether a currency can be exchanged into another currency and what accounting requirements to apply if the currency cannot be exchanged.

The amendments would specify:

(a) when a currency is exchangeable into another currency and, consequently, when it is not;
(b) how an entity determines the exchange rate to apply when a currency is not exchangeable; and
(c) the information an entity provides when a currency is not exchangeable.

Please submit your comments to the AASB by 23 July 2021, via the AASB website, LinkedIn or email at [email protected].