On 8 December 2016, the International Accounting Standards Board (IASB) issued IFRS Interpretation,
On 8 December 2016, the International Accounting Standards Board (IASB) issued IFRS Interpretation, IFRIC 22, Foreign Currency Transactions and Advance Consideration (the Interpretation) which clarifies 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 when an entity has received or paid advance consideration in a foreign currency.
The Interpretation is applicable for annual periods beginning on or after 1 January 2018. Early application is permitted.
To access the press release issued by the IASB, please click here.
To view a high-level summary of this interpretation issued by KPMG IFRG Limited, please click here.
© 2020 KPMG Assurance and Consulting Services LLP, an Indian Limited Liability Partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved.
KPMG (Registered) (a partnership firm with Registration No. BA- 62445) converted into KPMG Assurance and Consulting Services LLP (a Limited Liability partnership firm) with LLP Registration No. AAT-0367 with effect from July 23, 2020.
For more detail about the structure of the KPMG global organization please visit https://home.kpmg/governance.