Document ID: chunk:federal_register_of_legislation:F2025C00208:body:0:p16
Version: federal_register_of_legislation:F2025C00208
Segment Type: other
Provision Reference: 
Character Range: 39986–42919

Or, an entity whose functional currency is not the currency of a hyperinflationary economy may convert the financial statements into another currency by translating all items at the most recent closing rate. Such conversions are not in accordance with Australian Accounting Standards and the disclosures set out in paragraph 57 are required.
57 When an entity displays its financial statements or other financial information in a currency that is different from either its functional currency or its presentation currency and the requirements of paragraph 55 are not met, it shall:
(a) clearly identify the information as supplementary information to distinguish it from the information that complies with Australian Accounting Standards;
(b) disclose the currency in which the supplementary information is displayed; and
(c) disclose the entity's functional currency and the method of translation used to determine the supplementary information.
57A When an entity estimates a spot exchange rate because a currency is not exchangeable into another currency (see paragraph 19A), the entity shall disclose information that enables users of its financial statements to understand how the currency not being exchangeable into the other currency affects, or is expected to affect, the entity's financial performance, financial position and cash flows. To achieve this objective, an entity shall disclose information about:
(a) the nature and financial effects of the currency not being exchangeable into the other currency;
(b) the spot exchange rate(s) used;
(c) the estimation process; and
(d) the risks to which the entity is exposed because of the currency not being exchangeable into the other currency.
57B Paragraphs A18–A20 specify how an entity applies paragraph 57A.

Effective date and transition
58 An entity shall apply this Standard for annual periods beginning on or after 1 January 2018. Earlier application is encouraged for periods beginning after 24 July 2014 but before 1 January 2018. If an entity applies this Standard for a period beginning before 1 January 2018, it shall disclose that fact.
58A–
60A [Deleted by the AASB]
60B AASB 2008-3 Amendments to Australian Accounting Standards arising from AASB 3 and AASB 127 amended the previous version of this Standard as follows: added paragraphs 48A–48D and amended paragraph 49. An entity shall apply those amendments prospectively for annual periods beginning on or after 1 July 2009. If an entity applies AASB 127 (amended 2008) for an earlier period, the amendments shall be applied for that earlier period.
60C [Deleted]
60D [Deleted by the AASB]
60E [Deleted]
60F–
60H [Deleted by the AASB]
60I [Deleted]
60J AASB 2010-7 Amendments to Australian Accounting Standards arising from AASB 9 (December 2010) (as amended) and AASB 2014-1 Amendments to Australian Accounting Standards amended the previous version of this Standard as follows: amended paragraphs 3(a),