AASB 121 Requires That Foreign Currency Monetary Items Outstanding at Reporting

question 37

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.
• E) None of the given answers.

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