Under AASB 121 the Effects of Changes in Foreign Exchange

question 3

Multiple Choice

Under AASB 121 The Effects of Changes in Foreign Exchange Rates, an entity must disclose which of the following items in particular?
I. Whether a change in the functional currency has occurred.
II. The amount of exchange differences included in profit or loss of the period.
III. The amount of the exchange difference included directly in share capital during the period.
IV. The reason for using a presentation currency that is different from the functional currency.

• A) I and IV only.
• B) II and III only.
• C) I, II, III and IV.
• D) I, II and IV only.

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Definitions:

John Quincy Adams

The sixth President of the United States, serving from 1825 to 1829, and played a key role in shaping foreign policy in the early years of the nation.

Congress

The legislative branch of the United States federal government, divided into two chambers: the Senate and the House of Representatives, responsible for making national laws.

William Lloyd Garrison

A prominent American abolitionist, journalist, and social reformer known for founding the anti-slavery newspaper, "The Liberator," and advocating for the immediate emancipation of slaves.

Frederick Douglass

A former enslaved African American who became a prominent abolitionist, author, and orator in the 19th century, advocating for the rights of African Americans and women.