Foreign currency
Gill Gittings
Registered Posts: 121 Dedicated contributor 🦉
I am working on a company that buys and sells lots of goods overseas so have a lot of foreign currency translations. I am applying FRS 23 but can't see why there are two accountancy standards on this
Can anyone help?
Can anyone help?
0
Comments
-
Hi Gill,
FRS 23 is part of a 'package' of standards including FRS 24 (Financial Reporting in Hyperinflationary Economies), FRS 25 (Financial Instruments: Presentation), 26 (Financial Instruments: Recognition and measurement) and FRS 29 (Financial Instruments: Disclosure).
FRS 23 only applies to listed entities who apply FRS 26 so if this is not you, then you should be using SSAP 20.
Kind regards
Steve0 -
Thanks Steve. I was not understanding why there were 2 standards for the same thing but you have explained it well.
Gill0
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