IAS 21 The Effects of Changes in Foreign Exchange Rates summary - still applies in 2024

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This is just the short executive summary of IAS 21 and does NOT replace the full standard - you can see the full text on IFRS Foundation's website.
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[@CPDbox]

Thanks for watching! Let’s connect: *Newsletter: www.cpdbox.com/ *LinkedIn: www.linkedin.com/in/silviamahutova/ *Instagram: instagram.com/cpdbox/

[@deepakjain-dd8hg]

Hi ma'am. I'm a CA FINAL student. Your short summary video are helping me alot to revise the concept. I have a request can you make a playlist of all the IAS so that it will one stop search for everyone who see. Thank you in advance. Much appreciation of your work! Love from INDIA 🇮🇳

[@munshimuktadir3646]

So precisely, Functional currency is in which the company functions and presentation currency is in which the financial statement is presented. 1. All transactions will be translated into the spot (same day) rate. 2. All monetary Assets and liability (cash, bank, receivable & payable) will be translated as per the closing rate (the day in which f/s is prepared). 3. All non monetary items such as PPE, Building will be translated as per historical exchange rate in which it was purchased. Subsequently the non monetary Assets are measured as fair value. The exchange rate will be used at the date when FV was measured. Any differences will be presented in PL account & "other comprehensive Income".

[@tendainyawiri208]

Silvia is a good teacher. She is so eloquent in IFRSs. I am an icaew chattered accountant but I appreciate Silvia depth knowledge.

[@Eona_Catacutan]

FOREX is one of the topics I find puzzling but the way you explained its principles has enlightened me. Although there are still parts I am confused about, I am sure they’ll be solved with a lil bit more reading. In any way, this is such a great video for a summary. Thanks!

[@user-fc5bc9ki7p]

Hi, ma'am! Your discussion has helped me in understanding our lessons. Such a great help.

[@radhikajagtap2210]

Thank you so much ma'am ❤️ Keep going. Watching from 🇮🇳

[@sizwelinda7229]

Thank you so much, your summary always makes sense.

[@jelainesoriano]

Thank you so much, Ma'am Silvia, for this very informative video about IAS 21. Super easy-to-understand. God bless!

[@studymwakipesile7603]

Thank you for your good presentation. How to account for unrealized profit/ loss on foreign currency translations?

[@amitsatnalika5760]

when you said reclassify from equity to P&L , so by Equity you mean OCI to P&L or from Equity ( B/s ) to P&L

[@rosemarievillapa5086]

Thank you for this very informative video ma'am

[@mustefausman6186]

Thanks teacher ❤

[@kailaaquino3710]

Finished rewatching, I have learned a lot as always 🤗 Thank you po Maam I really aplreciated this so hepful!

[@SuperMBARutgers2013]

Concise! Absolutely fantastic

[@vincejustinejavier5362]

Made me understand the standard well. Thank you po for this video lect!

[@toanthai1787]

The video sound is pretty good, beyond my imagination

[@arnielizaacuna2939]

great explanation on IAS 21. thank you!

[@kunalvatyani8037]

You nailed it

[@ahmedhaji1951]

Always giving you a like, even before watching you are the best always!

[@user-yw7rl2kf5o]

How about exchange differences arise from elimination of interco balances? Should be recognised as a translation reserve?

[@arakot265]

Is bank revaluation unrealised or realised under IFRS ? I couldn't find any information particularly on this item. Thanks in Advance

[@ruthmirembe531]

Hello 👋 Thank you so much for the this video it was helpful

[@davidduncan1567]

Hi Sylvia. Assuming I have a foreign currency payable as at close of year 2022. At 2022 year I have found the difference between the spot rate and the closing rate and have recognised my unrealised exchange loss or gain. This loan still remains at 2023 year end. At year end I have used the closing rate to convert the loan to my presentation currency, will the exchange difference be between the opening balance of the loan and closing balance or rather I should take the spot rate I took the loan at in 2022 and then the closing rate of 2023 to convert the loan amount and then the difference between that and what is is in the books as the loan amount in 2023 is what becomes exchange loss? I would be grateful if you could clarify this for me.

[@AccountingZerotoHero]

Cool! I made similar video but You did better! Haha . This channel has always been an inspiration for me

[@rkm9253]

IFRS toolkit ,is it available for Indian students who is preparing for dip IFRS

[@yirguhailu9078]

hi silvia i am happy by your explanation and i have one question that is what is that is in IFRS 15 para 21.22 what is the difference between recognition of revenue at point in time or over time for example electricity sale that is given electric to the customer from month one 30 day which one is best to recolonization of revenue point in time or over time i am waiting your good response thank you in advance.

[@CPDbox]

I would say that the closest to this is to consider it as a series of products/services satisfied as you go, that is at the point of time; however no one asks you to recognize daily revenues. It is OK to do so at the month end.

[@mukhoda]

Hello, what is unrealised gain / or loss and how to account for it in the books and FS...

[@treebeard....................1]

unrealised gain / loss means the transaction has not yet been settled. So on debt due from a customer, the FX unrealised gain / loss would not be recgonised as a realised gain / loss until the custoner either cleared the debt or the debt was written off.

[@vishwavijaysingh123]

Very precise and useful

[@jollyannpitalbo8509]

Rose luisaga

[@ziziphofikeni2667]

Thank you!

[@adamyahiaaldouma9130]

Thank you so much.

[@COBBLEist]

Thanks!

[@mohitpatodi1665]

Ma'am your full lectures how many cost?

[@anjani4478]

plese upload ias 41 video mam