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
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- Forex difference arising from translating foreign currency denominated transactions to functional currency shall be recognized in Group of answer choices Other comprehensive income with classification adjustment Other comprehensive income without reclassification adjustment Retained earnings Profit and lossIn which of the following cases in a translation adjustment necessary? Notes to financial statements are converted from one currency to another Preparation of consolidated financial statements Hedging of foreign currency Foreign currency financial statements are converted to another currencyIn accordance with U.S. generally accepted accounting principles, which translation combination is appropriate for a foreign operation whose functional currency is the U.S. dollar? Choose the correct option. Method Treatmemt of transition adjustment a. Current rate other comprehensive income b. Current rate Gain or loss in net income c. Temporal other comprehensive income d. Temporal Gain or loss in net income
- What are differences between VAS 10 & IAS 21 regarding the following criteria: - Accounting currency - The record of difference in exchange rate - Change in presentation currency - Using the presentation currency which is different from functional currency.Determine 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.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 above
- what is the interpretation of the line item " net impact of repatriated international earning"? Why is it a positive reconciling item in some years but negative in other years?How should exchange gains or losses resulting from foreign currency transactions be accounted for? Included as component of income from continuing operations for the period in which the rate changes. Included as component of other comprehensive income for the period in which the rate changes. Included in the statement of financial position as a deferred item. Included in net earnings for gains, but deferred for losses.Which of the following refers to the transaction in which the exchange of currencies takes place at a specified future date, subsequent to the spot date? O a. Forward transaction O b. Non-deliverable forwards Oc. Swap transaction O d. Spot transaction
- How should we recognize the difference in the value of a receivable in a foreign currency at the time it was recorded and the time the cash was received? Multiple Choice O O As an adjustment to stockholders' equity As an extraordinary capital expenditure As a prior period adjustment As an adjustment to purchaseswhich shall be recognized for each item when foreign currency gain or loss that arises from translation of foreign currency denominated transaction to functional currency? a. inventiry b. interest expense c. accounts receivable d. unearned revenueWhich 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.