ias21 - IAS 21 International Accounting Standard 21 The...

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IAS 21 © IASCF A551 International Accounting Standard 21 The Effects of Changes in Foreign Exchange Rates This version includes amendments resulting from IFRSs issued up to 31 December 2009. IAS 21 The Effects of Changes in Foreign Exchange Rates was issued by the International Accounting Standards Committee in December 1993. It replaced IAS 21 Accounting for the Effects of Changes in Foreign Exchange Rates (issued in July 1983). Limited amendments were made to cross-references in IAS 21 in 1998 and 1999. The Standing Interpretations Committee developed four Interpretations relating to IAS 21: •S I C - 7 Introduction of the Euro (issued May 1998) I C - 1 1 Foreign Exchange—Capitalisation of Losses Resulting from Severe Currency Devaluations (issued July 1998) I C - 1 9 Reporting Currency—Measurement and Presentation of Financial Statements under IAS 21 and IAS 29 (issued November 2000) I C - 3 0 Reporting Currency—Translation from Measurement Currency to Presentation Currency (issued December 2001). In April 2001 the International Accounting Standards Board (IASB) resolved that all Standards and Interpretations issued under previous Constitutions continued to be applicable unless and until they were amended or withdrawn. In December 2003 the IASB issued a revised IAS 21. The revised standard also amended SIC-7, to which IAS 21 still refers, and replaced SIC-11, SIC-19 and SIC-30. Since 2003, IAS 21 and its accompanying documents have been amended by the following IFRSs: Net Investment in a Foreign Operation (Amendment to IAS 21) (issued December 2005) •I A S 1 Presentation of Financial Statements (as revised in September 2007) * A S 2 7 Consolidated and Separate Financial Statements (as amended in January 2008) Cost of an Investment in a Subsidiary, Jointly Controlled Entity or Associate (Amendments to IFRS 1 and IAS 27) (issued May 2008) * F R S 9 Financial Instruments (issued November 2009). § Apart from SIC-7, the following Interpretation refers to IAS 21: F R I C 1 6 Hedges of a Net Investment in a Foreign Operation (issued July 2008). ø * effective date 1 January 2009 effective date 1 July 2009 § effective date 1 January 2013 (earlier application permitted) ø effective date 1 October 2008
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IAS 21 A552 © IASCF C ONTENTS paragraphs INTRODUCTION IN1–IN17 INTERNATIONAL ACCOUNTING STANDARD 21 THE EFFECTS OF CHANGES IN FOREIGN EXCHANGE RATES OBJECTIVE 1–2 SCOPE 3–7 DEFINITIONS 8–16 Elaboration on the definitions 9–16 Functional currency 9–14 Net investment in a foreign operation 15–15A Monetary items 16 SUMMARY OF THE APPROACH REQUIRED BY THIS STANDARD 17–19 REPORTING FOREIGN CURRENCY TRANSACTIONS IN THE FUNCTIONAL CURRENCY 20–37 Initial recognition 20–22 Reporting at the ends of subsequent reporting periods 23–26 Recognition of exchange differences 27–34 Change in functional currency 35–37 USE OF A PRESENTATION CURRENCY OTHER THAN THE FUNCTIONAL CURRENCY 38–49 Translation to the presentation currency 38–43 Translation of a foreign operation 44–47 Disposal or partial disposal of a foreign operation 48–49 TAX EFFECTS OF ALL EXCHANGE DIFFERENCES 50 DISCLOSURE
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This note was uploaded on 02/26/2011 for the course ACCOUNTING 310 taught by Professor Cruz during the Spring '11 term at Xavier - Ateneo de Cagayan.

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ias21 - IAS 21 International Accounting Standard 21 The...

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