Monetary asset: Difference between revisions
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imported>Doug Williamson (Create page - source - IAS 21 - https://www.ifrs.org/content/dam/ifrs/publications/pdf-standards/english/2022/issued/part-a/ias-21-the-effects-of-changes-in-foreign-exchange-rates.pdf?bypass=on) |
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Latest revision as of 00:43, 12 March 2023
Accounting for the effects of changes in foreign exchange rates.
The essential feature of a monetary asset is that it is a right to receive a fixed - or determinable - number of units of currency.
Monetary assets include cash, loans and debtors.
Under IAS 21, monetary items are translated at the foreign exchange rate which applies on the balance sheet reporting date (the 'closing rate').
