Our detailed response (in the appendix) has been prepared in conjunction with our member companies.

You will see that whilst we support the decision of the IFRIC to address this topic, we are nevertheless concerned about the practical implication of the proposed Interpretation on financial computer systems. We therefore suggest that it is expressly stated that the proposed amendments are only required in an entity’s financial reporting systems when such advance considerations are frequent and where the impact is assessed as often being material.

 

Comment Letter on the Draft IFRIC Interpretation on Foreign Currency Transactions and Advance Consideration (PDF)

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