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FRS 23: The effects of changes in foreign exchange rates

The accounting standard FRS 23 set out how reporting entities should include foreign currency transactions and foreign operations in their financial statements. Foreign currency translation is covered by Section 30 of FRS 102 under new UK GAAP.

FRS 23 replaces SSAP 20 and has the effect of implementing IAS 21: Effects of Changes in Foreign Exchange Rates in the UK.


This standard and all other old UK GAAP FRSs have been withdrawn for reporting periods starting on or after 1 January 2015.

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Full-text standard

Financial Reporting Standard 23: The Effects of Changes in Foreign Exchange Rates was issued by the Accounting Standards Board (ASB) in December 2004.

We can provide print and electronic copies of the original standard or a consolidated version with amendments, subject to licenses.

There is no free, online version of the standard available. However, logged-in ICAEW members and ACA students may view FRS 23 as first published by the ASB in December 2004.


The Effects of Changes in Foreign Exchange Rates
Summary published by the Financial Reporting Council.

ICAEW guidance and support

Financial Reporting Faculty
The faculty offers assistance and support in IFRS, UK GAAP and other aspects of business reporting. It offers technical briefings and factsheets, IFRS and UK GAAP standards-trackers, plus practical advice from industry experts and working accountants.

FRC news

ASB Issues Amendment to Standard on Foreign Exchange Rates
Press notice issued by the ASB on 21 December 2005.

ASB Issues Convergence Standards
Press notice issued by the Financial Reporting Council on 2 December 2004.

Online articles

The library provides access to a range of articles in full text from leading business, finance and management journals. Access to articles is provided to logged-in ICAEW members, ACA students and other entitled users subject to suppliers' terms of use.

Articles are available to logged-in ICAEW members, ACA students and other entitled users.

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To find out how you can borrow books from the Library please see our guide to book loans. You can obtain copies of articles or extracts of books and reports by post, fax or email through our document supply service.

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