Give me answer please A change in functional currency is applied?a) Retrospectivelyb) At year end onlyc) Prospectively from date of changed) Based on management choice

Explanation of Functional Currency: Functional currency is the primary currency in which an entity…

Answered: A change in functional currency is…

International Financial Management

14th Edition

ISBN:9780357130698

Author:Madura

Publisher:Madura

Chapter4: Exchange Rate Determination

Section: Chapter Questions

Problem 1BIC

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Similar questions

‘Currency up to date’ relates to which among the following information attributes? a. None of the options b. Time related attribute c. Form related attribute d. Content related attribute
Which of the following refers to the current rate used for the purpose of translations? O a. The current rate at the time of transaction O b. The spot rate O. The rate prevailing on the date of preparation of the consolidated balance sheet O d. The rate prevailing on the date of the balance sheet
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
What 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?
What concept underlies the temporal method of translation? What concept underlies the current rate method of translation? How does balance sheet exposure differ under these two methods?
Discuss similarities and differences between the accounting treatment for U.S. GAAP and IFRS if any from the topic you selected.
PAS 21 prescribes disclosure of the following, except for Select the correct response: O Accounting policy and method of presentation O Exchange differences recognized in profit or loss and OCI. O The fact and reason for a change in functional currency The fact and the reason for using different presentation currency from entity's functional currency. Statement 1 - A biological asset or agricultural produce is recognized when it meets the asset recognition criteria, including the reliable measurement of its fair value or cost. Statement 2- A biological asset that is previously measured at fair value less cost to sell is continued to be measured at fair value less cost to sell (cost of disposal) until it is disposed of. Select the correct response: Only statement 1 is correct Only statement 2 is correct Both statements are correct Both statements are incorrect Which of the following is not a related party transactions and should not be disclose? Select the correct response: O None of…
Which method of the matching principle is used when a company recognizes depreciation expense on the income statement? Group of answer choices A. Installment method B. Systematic and rational allocation C. Immediate recognition D. Associating cause and effect
What is the primary difference between interim reports under IFRS and U.S. GAAP?
Which of the following would appear as a prior period adjustment? Group of answer choices a correction in the calculation of earnings per share of a prior period a material difference between the actual and estimated uncollectible accounts receivable a material loss resulting from the sale of fixed assets which were acquired in a prior period material error in the computation of depreciation expense in the Year 1 that was discovered and corrected in the Year 3
Give examples of substantive procedures inthe acquisition and expenditure cycle andrelate them to assertions about significantaccount balances at the end of the period
Which of the following is not one of the suggested approaches to reporting changes in the accounts? a. current period. b. retrospective. c. prospective. d. selective period.

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A change in functional currency is applied? a) Retrospectively b) At year end only c) Prospectively from date of change d) Based on management choice