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Draft Interpretation on Foreign Currency Transactions and Advance Consideration
November, 07th 2015

Draft Interpretation published by the IFRS Interpretations Committee for comment only. Comments on the Draft Interpretation need to be received by December 21, 2015. 

The International Accounting Standards Board’s IFRS Interpretations Committee (‘Interpretations Committee’) published for public comment a proposed Interpretation of Standards, designed to address diversity in how the Standard is applied in practice. This proposed Interpretation addresses which exchange rate should be used to report foreign currency transactions when payment is made or received in advance. 

Interpretations form part of the authoritative International Financial Reporting Standards (IFRS) requirements. They are developed by the Interpretations Committee, which works with the International Accounting Standards Board (IASB) to provide guidance on specific implementation issues, helping those using IFRS and supporting consistency in application. 

IAS 21 The Effects of Changes in Foreign Exchange Rates sets out requirements about which exchange rate to use when recording a foreign currency transaction on initial recognition in the entity’s functional currency. However, the Interpretations Committee observed diversity in practice in circumstances in which consideration was received or paid in advance of the recognition of the related asset, expense or income. Consequently, the Interpretations Committee proposes an Interpretation to provide guidance in these specific circumstances. 

ASB invites comments on the Draft Interpretation from the public. The downloadable version of the draft is available at: How to comment

Comments should be submitted using one of the following methods: 

1. Electronically: Click on the below mentioned option to submit a comment letter or visit at the following link (Preferred method):
2. Email: Comments can be sent to:
3. Postal: Secretary, Accounting Standards Board,
The Institute of Chartered Accountants of India,
ICAI Bhawan, Post Box No. 7100,
Indraprastha Marg,
New Delhi 110 002

Further clarifications on this Draft Interpretation may be sought by e-mail to
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