AASB 121 - The Effects of Changes in Foreign Exchange Rates - July 2004
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Application
Aus2.1 This Standard applies to:
(a) each entity that is required to prepare financial reports in accordance with Part 2M.3 of the Corporations Act and that is a reporting entity;
(b) general purpose financial statements of each other reporting entity; and
(c) financial statements that are, or are held out to be, general purpose financial statements.
Aus2.2 This Standard applies to annual reporting periods beginning on or after 1 January 2005.
[Note: For application dates of paragraphs changed or added by an amending Standard, see Compilation Details.]
Aus2.3 This Standard shall not be applied to annual reporting periods beginning before 1 January 2005.
Aus2.4 [Deleted by the AASB]
Aus2.5 When applicable, this Standard supersedes AASB 1012 Foreign Currency Translation as notified in the Commonwealth of Australia Gazette No S 586, 17 November 2000.
Aus2.6 AASB 1012 remains applicable until superseded by this Standard.
Aus2.7 Notice of this Standard was published in the Commonwealth of Australia Gazette No S 294, 22 July 2004.