The UK’s Accounting Standards Board (ASB) has issued a ‘Notice to Constituents’ drawing attention to the IASB’s first Draft Technical Correction (DTC1) to be made under its draft policy on technical corrections. DTC1 proposes a change to IAS 21 ‘The Effects of Changes in Foreign Exchange Rates’, requiring a different treatment for exchange differences arising on certain intra-group loans denominated in a currency other than the functional currency of either party to the loan. This is a change to an explicit requirement of the standard, possibly requiring companies to change results previously announced as compliant with the requirements of the international standard. The proposals also have implications for the UK standard FRS 23, which is based on IAS 21. Ian Mackintosh, chairman of the ASB said: “It is quite a dramatic step for the ASB to propose changing its standards without a formal UK exposure draft: but this seems to be the best way forward in the circumstances, to avoid divergence between IASB standards and parallel UK standards.”
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