SIC-30
Historical
Reporting Currency–Translation from Measurement Currency to Presentation Currency
Addressed how to translate financial statements from measurement currency to presentation currency when the two differ. Superseded in 2003.
Historical Reference
SIC-30 was withdrawn in March 2003 when the IASB issued a revised IAS 21 The Effects of Changes in Foreign Exchange Rates, which superseded SIC-30 by incorporating presentation currency translation guidance directly into IAS 21.
This page is retained for historical and comparative reference. Entities should refer to the current standard that superseded this interpretation for authoritative guidance.
Current Standard
IAS 21 The Effects of Changes in Foreign Exchange Rates 1
What SIC-30 Addressed (Historical)
What SIC-30 addressed
SIC-30 addressed how to translate financial statements from measurement currency to presentation currency when the two differ. It considered the appropriate exchange rates to use and whether the resulting translation differences should be recognised in equity or profit or loss.
2
The Conclusion It Reached (Historical)
The conclusion it reached
SIC-30 concluded that when translating financial statements from measurement currency to presentation currency, assets and liabilities should be translated at the closing rate at the date of the balance sheet, while income and expenses should be translated at the exchange rates at the dates of the transactions. Any translation differences arising should be recognised directly in equity.
3
Where This Guidance Lives Today
Where this guidance lives today
Superseded byIAS 21 The Effects of Changes in Foreign Exchange Rates
Why withdrawnThe 2003 revision incorporated presentation currency translation guidance directly into IAS 21
Current statusSuperseded
Glossary
Measurement currency
The currency used for measuring individual items in the financial statements before translation, now referred to as functional currency under IAS 21.
Presentation currency
The currency in which the financial statements are presented, which may differ from the functional currency when the entity translates its financial statements.
Financial statement key
BS Balance sheet
IS Income statement
SE Statement of changes in equity
OCI Other comprehensive income
SCF Statement of cash flows
History & Development
Jan-2001
In January 2001 the Standing Interpretations Committee issued SIC-30 Reporting Currency–Translation from Measurement Currency to Presentation Currency.
Apr-2001
In April 2001 the International Accounting Standards Board adopted SIC-30.
Minor consequential amendment to SIC-30
Mar-2003
In March 2003 the Board issued a revised IAS 21 The Effects of Changes in Foreign Exchange Rates which superseded SIC-30.
Superseded by revised IAS 21