alleryStart learning →Books kept in a non-functional currency translate as if items were:
ABooked in functional currency
BAll at the closing rate
CAll at the average rate
DBooked in presentation currency
Answer & Solution
Correct answer: A. Booked in functional currency
Monetary items use closing rate and historical cost items use transaction rates, giving the same amounts as if recorded in functional currency from the start.
Keep practising Ind AS 21 The Effects of Changes in Foreign Exchange Rates
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Related questions
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