The Accounting Standards Board (AcSB) is participating in the International Accounting Standards Board’s (IASB) project to amend International Accounting Standard (IAS) 21 The Effects of Changes in Foreign Exchange Rates.
The amendments will specify how to translate the results and financial position of an entity whose functional currency is non-hyperinflationary into a hyperinflationary presentation currency.
The AcSB’s due process ensures that Canadian entities’ financial reporting needs are considered by the IASB, and we issue our own exposure draft for every IASB proposal. Subject to the responses to our exposure draft, the AcSB expects to incorporate amendments into Canadian generally accepted accounting principles (GAAP), aligning with our strategy of adopting IFRS® Accounting Standards for publicly accountable enterprises.