International Accounting Standard 21: The effects of changes in foreign exchange rates

This version includes amendments resulting from IFRSs issued up to 31 December 2008. IAS 21 The Effects of Changes in Foreign Exchange Rates was issued by the International Accounting Standards Committee in December 1993. It replaced IAS 21 Accounting for the Effects of Changes in Foreign Exchange Rates (issued in July 1983). | IAS 21 International Accounting Standard 21 The Effects of Changes in Foreign Exchange Rates This version includes amendments resulting from IFRSs issued up to 31 December 2008. IAS 21 The Effects of Changes in Foreign Exchange Rates was issued by the International Accounting Standards Committee in December 1993. It replaced IAS 21 Accounting for the Effects of Changes in Foreign Exchange Rates (issued in July 1983). Limited amendments were made to cross-references in IAS 21 in 1998 and 1999. The Standing Interpretations Committee developed four Interpretations relating to IAS 21: • SIC-7 Introduction of the Euro (issued May 1998) • SIC-11 Foreign Exchange—Capitalisation of Losses Resulting from Severe Currency Devaluations (issued July 1998) • SIC-19 Reporting Currency—Measurement and Presentation of Financial Statements under IAS 21 and IAS 29 (issued November 2000) • SIC-30 Reporting Currency—Translation from Measurement Currency to Presentation Currency (issued December 2001). In April 2001 the International Accounting Standards Board (IASB) resolved that all Standards and Interpretations issued under previous Constitutions continued to be applicable unless and until they were amended or withdrawn. In December 2003 the IASB issued a revised IAS 21. The revised standard also amended SIC-7, to which IAS 21 still refers, and replaced SIC-11, SIC-19 and SIC-30. Since 2003, IAS 21 and its accompanying documents have been amended by the following IFRSs: • Net Investment in a Foreign Operation (Amendment to IAS 21) (issued December 2005) • IAS 1 Presentation of Financial Statements (as revised in September 2007)* • IAS 27 Consolidated and Separate Financial Statements (as amended in January 2008)† • Cost of an Investment in a Subsidiary, Jointly Controlled Entity or Associate (Amendments to IFRS 1 and IAS 27) (issued May 2008).* The following Interpretation refers to IAS 21: • IFRIC 16 Hedges of a Net Investment in a Foreign Operation (issued July .