Last chance to comment on the proposed IGRAP on Foreign Currency Transactions and Advance Consideration (ED 202)

In monitoring convergence with the International Accounting Standards Board, the Board developed an Interpretation to the Standards of GRAP (IGRAP) based on IFRIC 22. IFRIC 22 clarifies which exchange rate to use in transactions that involve advance consideration paid or received in a foreign currency. Entities in the public sector that apply Standards of GRAP and who undertake foreign exchange transactions that involve advance consideration paid or received in a foreign currency will be affected by this Interpretation.

To comment, access the Exposure Draft here. The comment deadline is 28 April 2023.