At the End of Subsequent Reporting Periods,paragraph 23 Requires That

question 18

Multiple Choice

At the end of subsequent reporting periods,paragraph 23 requires that non-monetary items:

• A) non-monetary items that are measured in terms of historical cost in a foreign currency shall be translated using the exchange rate at the date of the transaction
• B) non-monetary items that are measured at fair value in a foreign currency shall be translated using the exchange rates at the date when the fair value was determined
• C) both A and B
• D) none of the above

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Definitions:

Contract

A legally binding agreement between two or more parties that outlines rights and duties each party has agreed to.

Valid

A term applied to a contract that includes all four elements of a contract—agreement (offer and acceptance), consideration, contractual capacity, and legal object—and thus is enforceable.

Recognizable Beneficiaries

are individuals or entities that can clearly be identified as intended to benefit from a contract, trust, or legal arrangement, even if not directly party to it.

Agents of Beneficiaries

Individuals or entities acting on behalf of those who are to receive benefits or rights under a contract, will, or trust.