IASB publishes amendments to IAS 21

The amendment concerns the determination of the exchange rate in the absence of long-term exchangeability, as IAS 21 did not previously contain any corresponding provisions on this. The amendment standard adds to IAS 21:

• Requirements for assessing whether a currency is exchangeable into another currency,
• guidance on determining the exchange rate when such an exchange is not possible; and
• additional related disclosure requirements.

• The amendments are effective for annual periods beginning on or after 1 January 2025. According to the IASB, early application of the amendments is permitted. However, application in the EU requires a so-called EU endorsement.

The press release is available on the website of the IASB under this link.