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ISCA notes that situations where entities in Singapore would experience a lack of exchangeability from one currency to another currency is very rare. Nevertheless, we understand that a sustained period of lack of exchangeability may arise, for example, when an entity transacts or has operations in a hyper-inflationary economy. Hence, we are supportive of the proposed narrow-scope amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates to address the issue of how entities should determine the exchange rate to apply when a currency is not exchangeable.
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