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INTRODUCTION IN1. HONG KONG ACCOUNTING STANDARD 21 THE EFFECTS OF CHANGES IN FOREIGN EXCHANGE RATES. OBJECTIVE. SCOPE. DEFINITIONS. Elaboration on the definitions. Functional currency. Net investment in a foreign operation. Monetary items. SUMMARY OF THE APPROACH REQUIRED BY THIS STANDARD.
For HKAS 21 the HKICPA’s main objective was to provide additional guidance on the translation method and on determining the functional and presentation currencies. The HKICPA did not reconsider the fundamental approach to accounting for the effects of changes in foreign exchange rates contained in HKAS 21.
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HKAS 21 applies when an entity translates amounts relating to derivatives from its functional currency to its presentation currency. HKAS 21 does not apply to hedge accounting for foreign currency items, including the hedging of a net
(HKAS 21.12) An entity’s functional currency reflects the underlying transactions, events and conditions that are relevant to it. Accordingly, once determined, the functional currency is not changed unless there is a change in those underlying transactions
functional currency determined in accordance with HKAS 21 (such as the functional currency of its parent). Functional currency is the currency of the primary economic
HKAS 21 – The Effects of Changes in Foreign Exchange Rates. Determine the functional and presentation currency. Foreign currency transactions. Translation of a foreign subsidiary. Exchange movement of inter-companies balances that form part of the net investment in consolidation. Treatment of goodwill in a foreign subsidiary.
