ASB issues UITF Abstract 46 (IFRIC Interpretation 16) 'Hedges of a Net Investment in a Foreign Operation'

23 October 2008   Related Documents UITF Information Sheet 85 Help This information Sheet reports the issue of Abstract 46 which has the effect of implementing IFRIC Interpretation 16 'Hedges of a Net Investment in a Foreign Operation' in the UK and the Republic of Ireland. It is applicable to those entities preparing their financial statements in accordance with UK GAAP and in doing so, are within the scope of FRS 23 'The Effects of changes in Foreign Exchange Rates' and FRS 26 'Financial Instruments: Recognition and Measurement'.