Foreign currency

Gill Gittings

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?

Steve Collings

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 Gittings

Thanks Steve. I was not understanding why there were 2 standards for the same thing but you have explained it well.

Gill