The Commission Regulation (EU) No 2024/2862 of 12 November 2024, published in the Official Journal of the European Union L series on 13 November 2024, adopts “Lack of Exchangeability—Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates″. TThe amendments specify when a currency is exchangeable into another currency and, when it is not, how a company determines the exchange rate to apply, and the disclosures a company is to provide when a currency is not exchangeable.
Each company shall apply the amendments, at the latest, as from the commencement date of its first financial year starting on or after 1 January 2025.