In this Basis for Conclusions the terminology has not been amended to reflect the changes made by IAS 1 Presentation of Financial Statements (as revised in 2007).
HKAS 21 is based on IAS 21 The Effects of Changes in Foreign Exchange Rates. In approving HKAS 21, the Council of the Hong Kong Institute of Certified Public Accountants considered and agreed with the IASB’s Basis for Conclusions on IAS 21 (as revised 2003). Accordingly, there are no significant differences between HKAS 21 and IAS 21. The IASB’s Basis for Conclusions is reproduced below. The paragraph numbers of IAS 21 referred to below generally correspond with those in HKAS 21.