Accounting Standards and Guidance

FRC Financial Reporting Standards (FRSs)

UK/Irish accounting framework (effective for periods beginning on or after 1 Jan 2015)

FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland

Section 30 Foreign Currency Translation
Section 30 – Scope of this section
30.1This section applies to:
 (a)foreign currency transactions;
 (b)foreign operations; and
 (c)the translation of financial statements into a presentation currency.
30.1AThis section does not apply to hedge accounting of foreign currency items (see Section 12 Other Financial Instruments Issues). [AMD 528]
AMD 528

Amendment

Paragraph 30.1 amended and renumbered as 30.1A by Amendments to FRS 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland – Triennial review 2017 – Incremental improvements and clarifications (issued December 2017)

Effective date

01/01/2019

Previous text

30.1 An entity can conduct foreign activities in two ways. It may have transactions in foreign currencies or it may have foreign operations. In addition, an entity may present its financial statements in a foreign currency. This section prescribes how to include foreign currency transactions and foreign operations in the financial statements of an entity and how to translate financial statements into a presentation currency. Hedge accounting of foreign currency items is dealt with in Section 12 Other Financial Instruments Issues.
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