Amendments to AASB 121Amendments to AASB 121

Amendments to AASB 121

26 Paragraphs 3(a), 4 and 52(a) are amended and paragraph 60C is added as follows:

3 This Standard shall be applied: [footnote omitted]

(a) in accounting for transactions and balances in foreign currencies, except for those derivative transactions and balances that are within the scope of AASB 139 Financial Instruments: Recognition and Measurement and AASB 9 Financial Instruments;

...

4 AASB 9 and AASB 139 apply applies to many foreign currency derivatives and, accordingly, these are excluded from the scope of this Standard. However, those foreign currency derivatives that are not within the scope of AASB 9 and AASB 139
(e.g. some foreign currency derivatives that are embedded in other contracts) are within the scope of this Standard. In addition, this Standard applies when an entity translates amounts relating to derivatives from its functional currency to its presentation currency.

52 An entity shall disclose:

(a) the amount of exchange differences recognised in profit or loss except for those arising on financial instruments measured at fair value through profit or loss in accordance with AASB 9 and AASB 139; and

(b) …

60C AASB 2009-11 Amendments to Australian Accounting Standards arising from AASB 9, issued in December 2009, amended paragraphs 3(a), 4 and 52(a). An entity shall apply those amendments when it applies AASB 9.