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FRS 23: The effects of changes in foreign exchange rates

Find links to the accounting standard, technical summaries, useful guides and other resources on FRS 23 collated by ICAEW Library & Information Service.

The accounting standard FRS 23 set out how reporting entities should include foreign currency transactions and foreign operations in their financial statements. It was issued by the Accounting Standards Board in December 2004. FRS 23 replaced SSAP 20 and had 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This standard and all other old UK GAAP FRSs have been withdrawn for reporting periods starting on or after 1 January 2015. Topics within foreign currency translation are covered by Section 30 of FRS 102 under new UK GAAP.

How can I get a copy of this standard?

Consolidated standard

There is no free consolidated version of FRS 23 available online.

However, we can provide copies of the consolidated standard, which includes amendments, through the Library's premium databases by email. Contact us by phone on +44 (0)20 7920 8620 or by email at library@icaew.com for more information.

Unconsolidated standard and amendments as first issued

There is no free unconsolidated version of the standard available online. However, a summary is available on the FRC website, and we can provide print and electronic copies of the original standard or a consolidated version with amendments, subject to licenses.

The following amendments, as first issued, are freely available online:

Improvements to Financial Reporting Standards
Amendment issued by the ASB in December 2008.

Amendment to Financial Reporting Standard 23 (IAS 21) ‘The Effects of Changes in Foreign Exchange Rates’ – Net Investment in a Foreign Operation (December 2005)
Amendment issued by the ASB in December 2005.


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 leading business, finance and management journals. These journals are available 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.

Articles and books in the Library collection

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