Ozzie Ltd Has Control Over Islander Ltd $\quad$ NZ $\$ 1.00 = A \$ 1.00$

question 19

Multiple Choice

Ozzie Ltd has control over Islander Ltd.The functional currency of Islander Ltd is the NZ$.On 31 May 20X1 Islander Ltd borrowed NZ$15 million.Ozzie Ltd uses the A$ as its presentation currency.The following spot rates applied.
On 31 May 20X1 $\quad$ NZ $\$ 1.00 = A \$ 1.00$
1 July 20X4 $\quad$ NZ $\$ 1.00 =$ AS0.95
30 June 20X5 $\quad \mathrm { NZ } \$ 1.00 = \mathrm { A } \$ 0.90$
-At what amount will the loan be reported in Ozzie's consolidated financial statements for the reporting period ending 30 June 20X5?

• A)$15 000 000
• B)$14 250 000
• C)$15 789 474
• D)$13 500 000

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