Ias 21
/ˌaɪ.eɪˈɛs.twɛntiː wʌn/
Definitions
- (n.) An International Accounting Standard issued by the IASB that prescribes the accounting treatment for foreign currency transactions and operations.
According to IAS 21, foreign currency transactions must be reported using the exchange rate at the date of the transaction.
Forms
- ias 21
Related terms
See also
Commentary
IAS 21 is fundamental for ensuring consistency in accounting for foreign currency effects in multinational corporations' financial reporting.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.