IASB issues amendments to IAS 21 to address instances of lack of currency exchangeability

This week the International Accounting Standards Board (IASB) issued amendments to IAS 21, The Effects of Changes in Foreign Exchange Rates, to provide accounting requirements when a foreign currency cannot be exchanged into another currency. The requirements include applying a consistent method in determining whether a currency is exchangeable and if so, an appropriate exchange rate. It also provides related disclosures.

The amendments are effective for years beginning on or after January 1, 2025 with early application permitted.
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