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IFRS IFRS: IFRIC 22 Foreign Currency Transactions and Advance Consideration
The IFRS Interpretations Committee (IFRIC) has issued ‘IFRIC 22 Foreign Currency Transactions and Advance Consideration’. It looks at what exchange rate to use for translation when payments are made or received in advance of the related asset, expense or income.
IFRS IFRS: Transfers of Investment Property
The IASB has published 'Transfers of Investment Property (Amendments to IAS 40)' which clarifies that transfers to, or from, investment property are required when, and only when, there is a change in use of property supported by evidence.
IFRS IFRS: Annual Improvements to IFRSs 2014-2016 Cycle
The IASB has published 'Annual Improvements to IFRSs 2014-2016 Cycle' which addresses non-urgent (but necessary) minor amendments to three Standards, as described below.
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© 2018 Grant Thornton (NI) LLP. All rights reserved. Regulated by Chartered Accountants Ireland (CAI) for a range of investment business activities in the United Kingdom. ‘Grant Thornton’ refers to the brand under which the Grant Thornton member firms provide assurance, tax and advisory services to their clients and/or refers to one or more member firms, as the context requires. Grant Thornton International Ltd (GTIL) and the member firms are not a worldwide partnership. GTIL and each member firm is a separate legal entity. Services are delivered by the member firms. GTIL does not provide services to clients. GTIL and its member firms are not agents of, and do not obligate, one another and are not liable for one another’s acts or omissions. This publication has been prepared only as a guide. No responsibility can be accepted by us for loss occasioned to any person acting or refraining from acting as a result of any material in this publication.

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