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CA Final Ind AS 21 — Foreign Currency Transactions: Functional Currency Determination, Scope, Definitions — practice questions
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Practice CA Final Ind AS 21 — Foreign Currency Transactions: Functional Currency Determination, Scope, Definitions in the app →Under Ind AS 21, 'FUNCTIONAL CURRENCY' is:Under Ind AS 21, 'PRESENTATION CURRENCY' is:Ind AS 21 does NOT apply to:Future Ltd. sells energy drinks worldwide; sales are denominated in USD 'for convenience and consistency' but Small India Pvt Ltd is a subsidiary of US-based Big Inc. Small takes orders in India, bills in Rupees, holds iA is an Oman-based co (OMR functional). B is A's India operation; 78% finance raised in USD from A; revenues iS Ltd is India-based, imports motorcycles from US in USD, sells in India to corporates (USD-invoiced for hedgiUnder Ind AS 21, the PRIMARY indicators for functional currency are:When the indicators are MIXED and functional currency is not obvious, Ind AS 21 requires management to:Additional factors specific to a FOREIGN OPERATION (subsidiary, branch, associate, JV) in determining whether Identify the statement about functional vs presentation currency under Ind AS 21 that is INCORRECT.An entity is undecided between two possible functional currencies. Per Ind AS 21, the secondary indicators (fiAn entity changes its FUNCTIONAL CURRENCY because the primary economic environment has substantively changed (Under Ind AS 21, MONETARY ITEMS are:Long-term foreign-currency monetary items for which Ind AS 101 first-time-adoption EXEMPTION has been availed