UITF Abstract 21 Accounting Issues Arising from the Proposed Intro of the Euro
Issued March 1998. Effective March 1998. Amended on issue of FRS 23 December 2004.
UITF Abstract 21 has been superseded by FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland for accounting periods beginning on or after 1 January 2015. For more information visit:
Synopsis
The UITF consensus is that the costs of making the necessary modifications to assets to deal with the euro should be written off to the profit and loss account except where:
- The entity already has an accounting policy to capitalise assets of the relevant type and
- To the extent that the expenditure clearly results in an enhancement of an asset beyond that originally assessed.
Other costs associated with the introduction of the euro should be written off to the profit and loss account.
Expenditure incurred in preparing for the changeover to the euro and regarded as exceptional should be disclosed as such.
Last updated 21 June 2015