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IAS 21 The Effects of Changes in Foreign Exchange Rates

International Accounting Standard 21

Overview of IAS 21

  • Issued: in 1983; re-issued in 1993 and 2003, followed by amendments
  • Effective date: 1 January 2005
  • What it does:
    • It prescribes how to include foreign currency transactions and foreign operations in the financial statements.
    • It prescribes how to translate financial statements into a presentation currency.
    • It defines what foreign exchange rates to use.
    • It provides guidance on how to report the effect of changes in exchange rates in the financial statements.

Articles about IAS 21

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