Under the Translation Method Required by AASB 121,the Approach to Translating

question 27

Multiple Choice

Under the translation method required by AASB 121,the approach to translating a foreign operation's accounts includes:

• A) Translating monetary items at the rate of exchange current on the transaction date.
• B) Translating non-monetary assets at the average exchange rate since the date of purchase of the asset.
• C) Translating transfers of post-acquisition equity items within the equity category at the rate of exchange current at the date the original equity item was first included in equity.
• D) Translating revenues and expenses at the average rate of exchange applied to equity items.
• E) All of the given answers.

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