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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 

 
Interpretations relating to AASB 121 The Effects of Changes in Foreign Exchange Rates are listed below:
  • Interpretation 107 
    Introduction of the Euro 
     
    Operative date: 1 January 2005 
    Issue date: July 2004 
     
    When countries of the European Union change their national currencies to the euro, the requirements of AASB 121 The Effects of Changes in Foreign Exchange Rates regarding translation of foreign currency transactions and financial reports is to be applied. 
     
    Related AASB standards: AASB 108, AASB 110, AASB 121, AASB 139.
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  • Interpretation 121 
    Income Taxes – Recovery of Revalued Non-Depreciable Assets 
     
    Operative date: 1 January 2005 
    Issue date: July 2004 
     
    The basis for measuring deferred taxes for a revalued non-depreciable asset is to use the tax rate applicable to the taxable amount derived from the sale of the asset. 
     
    Related AASB standards: AASB 121, AASB 116, AASB 140.