Foreign currency translation 24 / 24

Foreign currency translation

Key differences between FRS 102 Section 30 Foreign Currency Translation and IAS 21 The Effects of Changes in Foreign Exchange Rates are:

IAS 21FRS 102 Section 30
IAS 21 requires the cumulative amount of exchange differences recognised in other comprehensive income to be presented in a separate component of equity. FRS 102 includes no specific requirement for a separate translation reserve.
On the disposal of a net investment in a foreign operation IAS 21 requires any related exchange differences accumulated in equity to be reclassified from equity to profit or loss.Under FRS 102 such accumulated exchange differences should not be recognised in profit or loss.
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