IAS 21Chapter 8Lesson 1
Change of functional currency
Step 1 of 6Learning objectives
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The functional currency changes only if the underlying conditions change; the effect applies from the date of the change, without restating earlier periods.
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Learning objectives
- Explain when the functional currency may change.
- Apply the change from its date, without restating the past.
- Translate items at the date of the change to obtain a new historical cost.