Issue
1
From 1 January 1999, the effective start of Economic and Monetary Union (EMU), the euro will become a currency in its own right and the conversion rates between the euro and the participating national currencies will be irrevocably fixed, ie the risk of subsequent exchange differences related to these currencies is eliminated from this date on.
2
The issue is the application of AASB 121 to the changeover from the national currencies of participating Member States of the European Union to the euro (‘the changeover’).