Entities already applying IFRS Accounting Standards
BC63 The IASB developed the transition requirements in paragraphs 60L-60M of the Standard because it concluded that the expected benefits of requiring entities to apply the amendments retrospectively, in accordance with IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors, [When it issued IFRS 18, the IASB changed the title of IAS 8.] would not outweigh the costs. In particular:
(a) applying the amendments retrospectively would require an entity to assess exchangeability in prior periods and then estimate spot exchange rates for those prior periods. In many cases, retrospective application would be likely to require the use of hindsight and, even if possible without hindsight, would be costly.
(b) a currency not being exchangeable into another currency is generally accompanied by high inflation and other economic events that make trend information less useful for investors than in other situations. The IASB was inform
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