DELETED ias 21 TEXT

Deleted IAS 21 text is not part of AASB 121.

Paragraph 58

An entity shall apply this Standard for annual periods beginning on or after 1 January 2005. Earlier application is encouraged. If an entity applies this Standard for a period beginning before 1 January 2005, it shall disclose that fact.

Paragraph 58A

Net Investment in a Foreign Operation (Amendment to IAS 21), issued in December 2005, added paragraph 15A and amended paragraph 33. An entity shall apply those amendments for annual periods beginning on or after 1 January 2006. Earlier application is encouraged.

Paragraph 59

An entity shall apply paragraph 47 prospectively to all acquisitions occurring after the beginning of the financial reporting period in which this Standard is first applied. Retrospective application of paragraph 47 to earlier acquisitions is permitted. For an acquisition of a foreign operation treated prospectively but which occurred before the date on which this Standard is first applied, the entity shall not restate prior years and accordingly may, when appropriate, treat goodwill and fair value adjustments arising on that acquisition as assets and liabilities of the entity rather than as assets and liabilities of the foreign operation. Therefore, those goodwill and fair value adjustments either are already expressed in the entity’s functional currency or are non-monetary foreign currency items, which are reported using the exchange rate at the date of the acquisition.

Paragraph 60

All other changes resulting from the application of this Standard shall be accounted for in accordance with the requirements of IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors.

Paragraph 60A

IAS 1 (as revised in 2007) amended the terminology used throughout IFRSs. In addition it amended paragraphs 27, 30-33, 37, 39, 41, 45, 48 and 52. An entity shall apply those amendments for annual periods beginning on or after 1 January 2009. If an entity applies IAS 1 (revised 2007) for an earlier period, the amendments shall be applied for that earlier period.

Paragraph 61

This Standard supersedes IAS 21 The Effects of Changes in Foreign Exchange Rates (revised in 1993).

Paragraph 62

This Standard supersedes the following Interpretations:

(a) SIC-11 Foreign Exchange – Capitalisation of Losses Resulting from Severe Currency Devaluations;

(b) SIC-19 Reporting Currency – Measurement and Presentation of Financial Statements under IAS 21 and IAS 29; and

(c) SIC-30 Reporting Currency – Translation from Measurement Currency to Presentation Currency.