Regulatory Alerts2023-01-01
Prime Minister's Resolution No. (1847) of 2023
The Prime Minister of Egypt, upon the proposal of the Financial Regulatory Authority, issued Resolution No. 1847 of 2023 to amend specific provisions of Egyptian Accounting Standard No. 13 regarding foreign exchange rate effects. The Resolution replaces paragraphs 5(c), 7, and 9 of Annex C to establish a special accounting treatment for entities affected by the October 27, 2022 foreign exchange rate movement, allowing them to recognize specific currency differences within asset costs and Other Comprehensive Income. These amendments apply to financial periods beginning before the rate movement date, enabling entities to individually adjust fixed assets, real estate, exploration and evaluation assets, intangible assets, and right-of-use assets financed by foreign currency liabilities.