alleryStart learning →Under AS 11, what is the closing rate?
AExchange rate at the balance sheet date
BRate fixed for a future settlement date
CMean of rates in force during a period
DRate on the date of the transaction
Answer & Solution
Correct answer: A. Exchange rate at the balance sheet date
The standard defines the closing rate as the rate prevailing on the balance sheet date, used to restate monetary items.
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