AASB 121 The Effects of Changes in Foreign Exchange Rates 55-57: Compliance claims and convenience translations: claim compliance with Australian Accounting Standards for statements in another currency only if the paragraph 39 and 42 method was used, and label any other converted information as supplementary with its currency, the functional currency and the method

What does 55-57 require?

Statements shown in a non-functional currency may carry a statement of compliance with Australian Accounting Standards only where they meet all of those Standards, including the translation method in paragraphs 39 and 42. Conversions that do not meet that test, such as converting only selected items or translating everything at the latest closing rate for a non-hyperinflationary entity, are not compliant. When such information is displayed, the entity must clearly mark it as supplementary to separate it from the compliant information, state the currency used, and disclose its functional currency and the translation method applied.