AASB Exposure Draft 310 Lack of Exchangeability

Thursday, May 13, 2021

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 standard@aasb.gov.au.

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