The Authority Issues Its View on the Proposed Amendment to International Accounting Standard No. 21

الهيئة تبدي وجهة نظرها في مشروع تعديل المعيار الدولي للمحاسبة رقم 21

The Saudi Organization for Chartered and Professional Accountants (SOCPA), through its Accounting Standards Board, commented on the International Accounting Standards Board's proposed limited amendment to International Accounting Standard No. 21 on the effects of changes in foreign exchange rates, which aims to simplify translating financial statements from a functional currency to a presentation currency in a hyperinflationary economy by using the closing rate at the date of the latest financial statements presented. SOCPA expressed its approval of the proposed amendment, noting it balances cost against the need for information, and proposed that the Board add a disclosure on exchange rate movements and fluctuations during the period to convey their impact on financial performance.

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