Correct Answer A change in functional currency is applied?a) Prospectively from date of changeb) At year end onlyc) Retrospectivelyd) Based on management choice

Concept of Prospective ApplicationProspective application means applying a change starting from the…

Answered: A change in functional currency is…

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter1: The Demand For And Supply Of Financial Accounting Information

Section: Chapter Questions

Problem 16GI

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Which is the proper time period to record the effect of a change inaccounting estimated? A. Current period and prospectivelyB. Current period and retrospectivelyC. RetrospectivelyD. Current period
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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 loss
A6
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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