03/04/2018 - EFRAG Endorsement Status Report - Update
The endorsement by the European Commission of IFRIC 22 Foreign Currency Transactions and Advance Consideration is now reflected in the Endorsement Status Report.
The European Union has published a Commission Regulation endorsing IFRIC 22 Foreign Currency Transactions and Advance Consideration. The Amendments are effective for annual periods beginning on or after 1 January 2018.
The Amendments clarify how to assess the date of the transaction to determine the exchange rate to use on initial recognition of the related asset, expense or income (or part of it) on the derecognition of a non-monetary asset or non-monetary liability arising from advance consideration in a foreign currency.
Link to the publication in the Official Journal of the European Union: Commission Regulation (EU) 2018/519 as of 28 March 2018.
The updated EFRAG Endorsement Status Report can be downloaded below and under the menu 'Endorsement Status'.