IFRS® Standards

Foreign Currency Transactions and Advance Consideration


The Accounting Standards Board (AcSB) is participating in the IFRS Interpretations Committee’s project to provide guidance on how an entity should determine the exchange rate when some or all of the foreign currency consideration is paid in advance of the recognition of the related asset, expense or income and results in a non-monetary prepayment asset or a non-monetary deferred income liability.

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This project summary has been prepared for information purposes only. Decisions reported are tentative and reflect only the current status of discussions on this project, which may change after further Board deliberations. Decisions to publish Handbook material are final only after a formal ballot process.