Hedges of a Net Investment in a Foreign Operation

23 October 2008   Related Documents UITF Abstract 46 (IFRCIC Interpretation 16) Help Abstract 46 has the effect of implementing the International Accounting Standards Board’s (IASB’s) International Financial Reporting Interpretations Committee (IFRIC) Interpretation 16 ‘Hedges of a Net Investment in a Foreign Operation’ in the UK and Republic of Ireland. When implemented the Abstract will be applicable to entities preparing their financial statements in accordance with UK accounting standards and, in doing so, applying FRS 23 ‘The Effects of Changes in Foreign Exchange Rates’ and FRS 26 ‘Financial Instruments: Recognition and Measurement’.