FOREX Flashcards
1
Q
Functional Currency - IAS 21
A
Main currency which an entity operates, currency of their primary economic environment. Used for measurement in FS
Historical Rate - at transaction
Closing Rate - at year end
Average Rate - average through the year
Monetary - Restate at closing rate
Non-monetary - Do not restate
Non-monetary Assets at FV - Use rate when FV was determined.
Differences are recognised in the P/L in the period they occurred.
2
Q
Presented Currency
A
Any currency that the entity chooses.
