If Foreign Currency Denominated Non-Monetary Assets Are Measured Using the Fair

question 25

Multiple Choice

If foreign currency denominated non-monetary assets are measured using the fair value method, they must be translated into the functional currency using the:

• A) exchange rate at the date when the assets were revalued.
• B) exchange rate current at the end of the reporting period.
• C) average exchange rate for the financial year.
• D) exchange rate at the original purchase date of the asset.