Foreign currency

Gill GittingsGill Gittings Well-KnownPosts: 121Registered
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?

Comments

  • Steve CollingsSteve Collings Experienced Mentor Posts: 997Registered
    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

    Steve
  • Gill GittingsGill Gittings Well-Known Posts: 121Registered
    Thanks Steve. I was not understanding why there were 2 standards for the same thing but you have explained it well.

    Gill
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