A change in functional currency is applied? a) Prospectively from date of change b) At year end only c) Retrospectively d) Based on management choice
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- Give me answer pleaseDetermine the impact that specific differences between IFRS and U.S. GAAP have on financial statements, and prepare adjustments to convert IFRS balances to U.S. GAAP.A change in accounting policy requires what kind of adjustment to thefinancial statements? A. Current period adjustmentB. Prospective adjustmentC. Retrospective adjustmentD. Current and prospective adjustment
- The translation (remeasurement) adjustment reported in a translation when the functional currency is not the foreign currency is included a. as a separate component of other comprehensive income b. in the current liability section of the balance sheet as deferred revenue c. in the calculation of net income d. none of the aboveWhat is the concept underlying the current rate method of translation? What is the concept underlying the temporal method of translation? How does balance sheet exposure differ under these two methods?Which accounts are remeasured (versus translated) using current exchange rates? Select one: a. All current assets and liabilities b. All assets and liabilities All revenues and expenses d. Cash, receivables, and most liabilities e. All noncurrent assets and liabilities C.
- The two major translation methods currently used are: a. Historical exchange rate and current exchange rate. b. current rate and future rate. c. future rate and temporal. d. current rate and temporal.Describe guidelines for determining when foreign currency financial statements are to be translated using the current rate method and when they are to be remeasured using the temporal method.Explain the following a) Gain or losses on foreign exchange translations. b )Recording of previous periods errors in revenue and expenditure after preparation of final accounts in the current periods.
- Question 6 Which of the following statements is FALSE with respect to the accounting for a change in the functional currency? The effect of a change in functional currency is accounted for prospectively Once the functional currency is determined, it can be changed even if there is no change to the underlying transactions, events and conditions Once the functional currency is determined, it can be changed only if there is a change to the underlying transactions, events and conditions When there is a change in an entity's functional currency, exchange differences arising from the translation previously recognized in other comprehensive income are not immediately reclassified from equity to profit or lossA6Q48 Monetary working capital adjustment (MWCA) is computed in order to provide for increase in monetary working capital necessitated by: a. Price changes of inputs during the period b. Increase in all interest rates on borrowings c. None of these are correct d. Change in scale of operation