Navigating the murky waters of IFRS can be treacherous. Martin Bride discusses how to cure the distorting effect of IAS 21 in particular.

The headlines were stark. ‘Currency losses crush Beazley profits,’ wrote Lloyd’s List. On July 27, my company, Beazley plc, announced a slump in pre-tax profits for the half year of 55%, from £45m to £20.1m.

But