AASB 121 Requires That Foreign Currency Monetary Items Outstanding at Reporting

question 75

Multiple Choice

AASB 121 requires that foreign currency monetary items outstanding at reporting date must be:

• A) translated at the spot rate at the transaction date.
• B) reported at the forward-exchange rate based on the 90-day bank bill rate at that date.
• C) translated at the spot rate at reporting date.
• D) translated at the spot rate at settlement date.

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Definitions:

Sexual Abuse

Unwanted sexual activity, with perpetrators using force, making threats, or taking advantage of victims not able to give consent.

Recovered Memories

Refers to the recollection of memories, often traumatic, that were forgotten or repressed, which resurface later in life.

Misinformation Effect

The misinformation effect occurs when a person's recall of an event becomes less accurate due to the introduction of misleading information.

Exaggerated Difficulty

The perception that a task or situation is more challenging or cumbersome than it objectively is.