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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 

 
Developments
  • AASB Developments
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    • September 2007 
      AASB 2007-8 Amendments to Australian Accounting Standards arising from AASB 101 amends paragraphs 27, 30-33, 37, 39, 41, 45, 46, 48 and 52 and deletes paragraph 60A. It is applicable from 1 January 2009, with early adoption permitted from 1 January 2005, provided the revised AASB 101 is also early adopted.
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    • December 2007 
      AASB 2007-10 Further Amendments to Australian Accounting Standards arising from AASB 101 makes further consequential amendments to change the term ‘general purpose financial report’ to ‘general purpose financial statements’ and the term ‘financial report’ to ‘financial statements’ to better align with IFRS terminology. It is applicable from 1 January 2009, with early application permitted, provided the revised AASB 101 is also early adopted.
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    • March 2008 
      AASB 2008-3 Amendments to Australian Accounting Standards arising from AASB 3 and AASB 127 inserts paragraphs 48A-48D and amends paragraph 49 in relation to disposal or partial disposal of a foreign operation. It is applicable from 1 July 2009, with early adoption permitted from 30 June 2007, provided the revised AASB 3 and the amendments to AASB 127 are also early adopted.
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    • July 2008 
      AASB 2008-7 Amendments to Australian Accounting Standards – Cost of an Investment in a Subsidiary, Jointly Controlled Entity or Associate amends paragraph 49 by removing the reference to payment of dividends from pre-acquisition profits and is applicable from 1 January 2009, with early application permitted.
Key Differences 
There are no key differences available for this standard. 
 
History
  • July 2004: AASB 121 was issued.
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  • December 2004: AASB 2004-2 Amendments to Australian Accounting Standards adds paragraph Aus38.1 and is applicable from 1 January 2005.
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  • January 2006: AASB 2006-1 provides that a monetary item can be denominated in any currency and still be part of the reporting entity’s net investment in a foreign operation.
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  • February 2007: AASB 2007-2 Amendments to Australian Accounting Standards amends paragraph 3 and is applicable to annual reporting periods ending on or after 28 February 2007, with early adoption permitted from 1 January 2005.
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  • April 2007: AASB 2007-4 Amendments to Australian Accounting Standards arising from ED 151 deletes Aus53.1 and is applicable from 1 July 2007, with early adoption permitted from 1 January 2005.
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  • July 2007: Erratum amends paragraphs 3, 33, 44 and 46 and is applicable from 1 July 2007, with early adoption permitted.
Compiled Standards 
A list of the omnibus amending standards that have affected this standard since its release are included here as is the date when the relevant changes become operative.  
 
Omnibus amending standards are available on the AASB website as are compiled standards incorporating omnibus amendments as soon as they are completed by the AASB. Details of the changes made by each omnibus are summarised in ANT and Charter’s "The Panel" as they are released. For a quick overview of the new material applying at 30 June 2008 click here.