AASB 121 The Effects of Changes in Foreign Exchange Rates 60L-60M: Transition to the lack of exchangeability amendments: do not restate comparatives; at the date of initial application translate affected items at the estimated spot rate and adjust opening retained earnings (or the translation reserve for presentation currency and foreign operation translation)

What does 60L-60M require?

AASB 2023-5 applies for annual periods starting from 1 January 2025, earlier application permitted and disclosed. Comparative information is not restated. An entity that, at the start of the first period applying the amendments, concludes its functional currency and a foreign currency are not exchangeable retranslates the affected monetary items in foreign currency, together with affected fair-valued non-monetary items, at the estimated spot rate on that date and records the effect in opening retained earnings. An entity translating into a presentation currency, or translating a foreign operation, concluding non-exchangeability translates affected assets and liabilities (and, for a hyperinflationary functional currency, affected equity items) at the estimated rate at that date and records the effect in the cumulative translation differences in equity.