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Please provide summary on Ind AS 21 - The Effects of Changes in Foreign Exchange Rates

Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 asked

Please provide summary on Ind AS 21 - The Effects of Changes in Foreign Exchange Rates

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Open uri20170510 32134 1ue0f38?1494421710 answered

Please provide summary on Ind AS 21 - The Effects of Changes in Foreign Exchange Rates An entity may carry on foreign activities in two ways. It may have transactions in foreign currencies or it may have foreign operations. In addition, an entity may present its financial statements in a foreign currency. The objective of this Standard is to prescribe how to include foreign currency transactions and foreign operations in the financial statements of an entity and how to translate financial statements into a presentation currency. The principal issues are which exchange rate(s) to use and how to report the effects of changes in exchange rates in the financial statements. This Standard does not apply to hedge accounting for foreign currency items, including the hedging of a net investment in a foreign operation. Ind AS 109 applies to hedge accounting. Ind AS 109 applies to many foreign currency derivatives and, accordingly, these are excluded from the scope of this Standard. However, those foreign currency derivatives that are not within the scope of Ind AS 109 (eg some foreign currency derivatives that are embedded in other contracts) are within the scope of this Standard. In addition, this Standard applies when an entity translates amounts relating to derivatives from its functional currency to its presentation currency.

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Data?1494421730 answered

Dear Friend > Ind AS 21 - The Effects of Changes in Foreign Exchange Rates When there is a change in functional currency of either the reporting entity or a significant foreign operation, Ind AS 21 requires disclosure of that fact and the reason for the change in functional currency along with disclosure of the date of change in functional currency. The effect of a change in functional currency is accounted for prospectively. The financial statements of a foreign operation that has the currency of a hyperinflationary economy as its functional currency are first restated in accordance with Ind AS 29, ‘Financial reporting in hyperinflationary economies’. All components are then translated to the presentation currency at the closing rate at the end of the reporting period. Disclosure regarding the duration of the hyperinflationary situation existing in the economy needs to be provided For the purpose of presenting comparative amounts in a different presentation currency, paragraphs 42(b) and 43 of Ind AS 21, ‘The effects of changes in foreign exchange rates’, apply. The gain or loss on the net monetary position shall be included in profit or loss and separately disclosed. The restatement of financial statements in accordance with this standard requires the application of certain procedures as well as judgement. The consistent application of these procedures and judgements from period to period is more important than the precise accuracy of the resulting amounts included in the restated financial statements. Thanks

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