Where the Functional Currency of a Foreign Operation Is Not

question 7

Multiple Choice

Where the functional currency of a foreign operation is not that of an Australian company,in translating the financial statements of that operation into the presentation currency of the Australian company:

• A) foreign currency monetary items are translated at the closing rate and non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rate at the date of the transaction.
• B) foreign currency monetary items and non-monetary items are translated at the closing rate.
• C) foreign currency monetary items and non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rate at the date of the transaction.
• D) none of the above.

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