Consolidating foreign subsidiaries Sexy aunty finder for dating
IAS 21 was reissued in December 2003 and applies to annual periods beginning on or after 1 January 2005.
SSAP 20 has been superseded by FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland for accounting periods beginning on or after 1 January 2015.
For more information visit: Individual transactions in foreign currencies are initially recorded at the exchange rate prevailing on the date of the transaction.
[IAS 21.21-22] At each subsequent balance sheet date: [IAS 21.23] Exchange differences arising when monetary items are settled or when monetary items are translated at rates different from those at which they were translated when initially recognised or in previous financial statements are reported in profit or loss in the period, with one exception.
[IAS 21.28] The exception is that exchange differences arising on monetary items that form part of the reporting entity's net investment in a foreign operation are recognised, in the consolidated financial statements that include the foreign operation, in other comprehensive income; they will be recognised in profit or loss on disposal of the net investment.[IAS 21.32] As regards a monetary item that forms part of an entity's investment in a foreign operation, the accounting treatment in consolidated financial statements should not be dependent on the currency of the monetary item.