European Commission Endorses IFRIC 22
03 April 2018
The European Commission has endorsed IFRIC 22 Foreign Currency Transactions and Advance Consideration
IFRIC 22, which was issued by the International Accounting Standards Board in December 2016 with an effective date of periods beginning on or after 1 January 2018, provides guidance on the exchange rate to use when consideration is received or paid in advance of recognising the related income, expense or asset.
Further information, including the current endorsement status of pronouncements issued by the IASB, is available from the European Financial Reporting Advisory Group’s (EFRAG’s) web site here.