Accounting issues arising from the proposed introduction of the euro

Article Abstract:

The introduction of a single European currency will mean considerable costs for companies that want to adjust their operations and information systems to the euro. Such expenses could include personnel training, administrative planning, communication of information to customers, and hardware and software modification and/or adaptation. The UK Accounting Standards Board's Urgent Issues Task Force has addressed the accounting questions raised by the impending introduction of the euro. Among the issues considered are the accounting treatment of euro-related costs, and the impact of the single currency on cumulative foreign exchange translation differences previously recognized and on anticipatory hedging instruments. These issues are discussed.

Standards, Accounting and auditing, Accounting Standards Board, European Monetary System

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IAS 29: Financial reporting in hyperinflationary economies

Article Abstract:

International Accounting Standard (IAS) 29, Financial Reporting in Hyperinflationary Economies, is presented. IAS 29 is applicable to the financial statements of companies reporting in a hyperinflationary currency.

United Kingdom, Laws, regulations and rules, International Accounting Standards Board

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