IFRS Newsletter No. 01 – 2017

In this first issue of 2017, take a closer look at IFRIC 22, Foreign currency transactions and advance consideration and find out the latest news on improvements to IFRS standards.

After a pause of several months, the IASB has started the year by presenting its annual improvements in a short exposure draft, with the next consultations expected as of April.

On December 8, 2016, the IASB published IFRIC 22 in order to clarify the accounting treatment of foreign currency transactions including advance payments. This interpretation supplements IAS 21, The effects of changes in foreign exchange rates for transactions of this type, and could change the practices of some entities.

Read the recent work from the IFRS Interpretations Committee on this interpretation and IASB’s most recent publications.

SUMMARY

  • IFRS Highlights (Improvements to IFRSs – 2015-2017 Cycle)
  • A Closer Look – IFRS 22, Foreign currency transactions and advance consideration

             1. Why publish this interpretation?

             2. Three approaches were analyzed

             3. Approach adopted by the IFRS Interpretations Committee

             4. Initial application

             5. Impact on entities

             6. Illustrative examples

  • Upcoming meetings of the IASB and the IFRS Interpretations Committee

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