{"id":445,"date":"2025-08-21T13:52:51","date_gmt":"2025-08-21T13:52:51","guid":{"rendered":"https:\/\/pierag.com\/?p=445"},"modified":"2025-08-21T13:52:51","modified_gmt":"2025-08-21T13:52:51","slug":"icai-proposes-amendments-to-ind-as-21-for-lack-of-exchangeability","status":"publish","type":"post","link":"https:\/\/pierag.com\/US\/icai-proposes-amendments-to-ind-as-21-for-lack-of-exchangeability\/","title":{"rendered":"ICAI PROPOSES AMENDMENTS TO IND-AS 21 FOR LACK OF EXCHANGEABILITY"},"content":{"rendered":"<p>As part of convergence with IFRS Standard, on November 01, 2023, the Accounting Standard Board of the Institute of Chartered Accountants of India (ICAI) issued an exposure draft on Lack of Exchangeability (Amendments to Ind AS 21 The Effects of Changes in Foreign Exchange Rates) (the amendments).<\/p>\n<p>Ind AS 21 sets out the exchange rate that an entity uses when it reports foreign currency transactions in the functional currency, presents financial statements in a different currency, or translates the results of a foreign operation in a different currency. Until now, Ind AS 21 sets out the exchange rate to use when exchangeability between two currencies is temporarily lacking, but not what to do when lack of exchangeability is long-term and has not been restored after the end of the reporting period.<\/p>\n<p>The proposed amendment objectives are to improve the usefulness of information provided to investors and to reduce the diversity in practice by requiring companies to apply a consistent two-step approach.<\/p>\n<p>Timeline: Proposed amendments shall be effective for annual reporting periods beginning on or after April 01, 2025, with early application permitted.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>As part of convergence with IFRS Standard, on November 01, 2023, the Accounting Standard Board of the Institute of Chartered Accountants of India (ICAI) issued an exposure draft on Lack of Exchangeability (Amendments to Ind AS 21 The Effects of Changes in Foreign Exchange Rates) (the amendments). Ind AS 21 sets out the exchange rate [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":936,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-445","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-insights"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>ICAI PROPOSES AMENDMENTS TO IND-AS 21 FOR LACK OF EXCHANGEABILITY - Pierag<\/title>\n<meta name=\"description\" content=\"Explore ICAI\u2019s proposed amendments to Ind AS 21 addressing lack of exchangeability, including key changes, implications for financial reporting, and guidance for businesses navigating foreign currency transactions.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/pierag.com\/US\/icai-proposes-amendments-to-ind-as-21-for-lack-of-exchangeability\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"ICAI PROPOSES AMENDMENTS TO IND-AS 21 FOR LACK OF EXCHANGEABILITY - 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