71 paragraphs found in INT 22
• Framework for the Preparation and Presentation of Financial Statements • AASB 108 Accounting Policies, Changes in Accounting Estimates and Errors • AASB 121 The Effects of Changes in Foreign Exchange …
Paragraph 21 of AASB 121 The Effects of Changes in Foreign Exchange Rates requires an entity to record a foreign currency transaction, on initial recognition in its functional currency, by applying to the foreign currency amount the spot exchange rate …
When an entity pays or receives consideration in advance in a foreign currency, it generally recognises a non-monetary asset or non-monetary liability [2] before the recognition of the related asset, expense or income. The related asset, expense or income …
The IFRS Interpretations Committee (the Interpretations Committee) initially received a question asking how to determine ‘the date of the transaction’ applying paragraphs 21–22 of AASB 121 when recognising revenue. The question specifically addressed …
This Interpretation applies to a foreign currency transaction (or part of it) when an entity recognises a non-monetary asset or non-monetary liability arising from the payment or receipt of advance consideration before the entity recognises the related …
This Interpretation does not apply when an entity measures the related asset, expense or income on initial recognition: (a) at fair value; or (b) at the fair value of the consideration paid or received at a date other than the date of initial recognition …
An entity is not required to apply this Interpretation to: (a) income taxes; or (b) insurance contracts (including reinsurance contracts) that it issues or reinsurance contracts that it …
This Interpretation addresses how to determine the date of the transaction for the purpose of determining the exchange rate to use on initial recognition of the related asset, expense or income (or part of it) on the derecognition of a non-monetary asset …
Applying paragraphs 21–22 of AASB 121, the date of the transaction for the purpose of determining the exchange rate to use on initial recognition of the related asset, expense or income (or part of it) is the date on which an entity initially recognises …
If there are multiple payments or receipts in advance, the entity shall determine a date of the transaction for each payment or receipt of advance …