Accounting Standard AASB 2023-5 Amendments to Australian Accounting Standards – Lack of Exchangeability
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Objective
This Standard amends:
(a) AASB 1 First-time Adoption of Australian Accounting Standards (July 2015);
(b) AASB 121 The Effects of Changes in Foreign Exchange Rates (August 2015); and
(c) AASB 1060 General Purpose Financial Statements – Simplified Disclosures for For-Profit and Not-For-Profit Tier 2 Entities (March 2020);
as a consequence of the issuance of International Financial Reporting Standard Lack of Exchangeability (Amendments to IAS 21) by the International Accounting Standards Board (IASB) in August 2023.