The following amendment to Singapore Financial Reporting Standards (International) (SFRS(I)) applies to annual periods beginning on or after 1 January 2025.
Lack of Exchangeability (SFRS(I) 1-21)
Sets out when a currency is considered exchangeable into another currency and how to estimate the spot exchange rate when it is not. Entities must disclose information that helps users understand the impact on their financial statements.
Action Points
- Identify operations or balances in currencies with exchange restrictions
- Document the approach used to estimate exchange rates
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