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AASB 121 - The Effects of Changes in Foreign Exchange Rates
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Summary 
Developments, Key Differences & History 
Compared to IFRS 
Interpretations 
Rejection Notices 
Questions & Answers 
Articles 
AASB website 

 
AASB 121 compared to IAS 21 
 
Additions 
Aus 2.1 
Which entities AASB 121 applies to, ie. reporting entities and general purpose financial reports.  
 
Aus 2.2 
The application date of AASB 121, ie. annual reporting periods beginning 1 January 2005. 
 
Aus 2.3 
Prohibits early application of AASB 121.  
 
Aus 2.4 
Makes the requirements of AASB 121 subject to AASB 1031 ‘Materiality’.  
 
Aus 2.5 
Explains which Australian Standards have been superseded by AASB 121.  
 
Aus 2.6 
Clarifies that the superseded Australian Standards remain in force until AASB 121 applies.  
 
Aus 2.7 
Notice of the new Standard published on 22 July 2004.  
 
Aus 38.1 
Clarifies that an entity preparing Corporations Act financial reports must draw up those reports using one presentation currency.  
 
Deletions  
60 
First time application for all other changes to be accounted for in accordance with IAS 8 ‘Accounting Policies, Changes in Accounting Estimates and Errors’.  
 
61 
Reference to superseded IAS 21.  
 
62 
Reference to superseded SIC Interpretations – SICs 11, 19 and 30.