Final IFRIC Interpretation – Foreign Currency Transactions and Advance Consideration

The International Accounting Standards Board (the Board) has today issued several amendments to IFRS Standards and an Interpretation that clarifies the requirements in particular Standards. These changes are part of the Board’s process to maintain IFRS Standards. As reported by The Standard.

The changes include:

  • annual improvements to IFRS Standards—these are minor amendments that clarify, correct or remove redundant wording in a Standard;
  • an IFRIC® Interpretation—this interprets a Standard and was developed by the IFRS Interpretations Committee and ratified by the Board; and
  • a narrow-scope amendment to an existing Standard—this clarifies particular aspects of the Standard.

The relevant documents can be accessed via the below links: [eIFRS Professional required]

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