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AASB Standard  AASB 2023-5
               October 2023

Amendments to Australian Accounting Standards – Lack of Exchangeability
[AASB 1, AASB 121 & AASB 1060]

Obtaining a copy of this Accounting Standard
This Standard is available on the AASB website: www.aasb.gov.au.

Australian Accounting Standards Board
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Collins Street West
Victoria   8007
AUSTRALIA

Phone: (03) 9617 7600
E-mail: standard@aasb.gov.au
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E-mail: standard@aasb.gov.au

COPYRIGHT
© Commonwealth of Australia 2023
This AASB Standard contains IFRS Foundation copyright material.  Reproduction within Australia in unaltered form (retaining this notice) is permitted for personal and non-commercial use subject to the inclusion of an acknowledgment of the source.  Requests and enquiries concerning reproduction and rights for commercial purposes within Australia should be addressed to The Managing Director, Australian Accounting Standards Board, PO Box 204, Collins Street West, Victoria 8007.
All existing rights in this material are reserved outside Australia.  Reproduction outside Australia in unaltered form (retaining this notice) is permitted for personal and non-commercial use only.  Further information and requests for authorisation to reproduce for commercial purposes outside Australia should be addressed to the IFRS Foundation at www.ifrs.org.

ISSN 1036-4803

Contents

Preface
Accounting Standard
AASB 2023-5 Amendments to Australian Accounting Standards – Lack of Exchangeability

from page
Objective 5
Application 5
Amendments to AASB 1 5
Amendments to AASB 121 6
Amendments to AASB 1060 12
COMMENCEMENT OF THE LEGISLATIVE INSTRUMENT  12

aVailable on the AASB website
Illustrative examples for IAS 21
IASB Bases for Conclusions – Amendments

Australian Accounting Standard AASB 2023-5 Amendments to Australian Accounting Standards – Lack of Exchangeability is set out on pages 5–12. All the paragraphs have equal authority.

Preface

Standards amended by AASB 2023-5
This Standard makes amendments to AASB 1 First-time Adoption of Australian Accounting Standards (July 2015), AASB 121 The Effects of Changes in Foreign Exchange Rates (August 2015) and AASB 1060 General Purpose Financial Statements – Simplified Disclosures for For-Profit and Not-For-Profit Tier 2 Entities (March 2020).
These amendments arise from the issuance of International Financial Reporting Standard Lack of Exchangeability (Amendments to IAS 21) by the International Accounting Standards Board (IASB) in August 2023.

Main features of this Standard

     Main requirements

This Standard amends AASB 121 and AASB 1 to improve the usefulness of information provided to users of financial statements. The amendments require entities to apply a consistent approach to determining whether a currency is exchangeable into another currency and the spot exchange rate to use when it is not exchangeable.
The Standard also amends AASB 121 to extend the exemption from complying with the disclosure requirements of AASB 121 for entities that apply AASB 1060 to ensure Tier 2 entities are not required to comply with the new disclosure