Exchange rates in Venezuela (II) Issue – Accounting of SICAD-I and SICAD-II in accordance with IFRS (IAS 21)

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Currency exchange legislation in Venezuela was amended in March 2014 to create a new mechanism (known as SICAD-II), which permits foreign exchange barter and cash transactions. SICAD-II allows both individuals and entities to buy and sell foreign currency with fewer restrictions than other mechanisms in Venezuela.