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…

Financial Reporting, Financial Statement Analysis and Valuation

8th Edition

ISBN:9781285190907

Author:James M. Wahlen, Stephen P. Baginski, Mark Bradshaw

Publisher:James M. Wahlen, Stephen P. Baginski, Mark Bradshaw

Chapter8: Investing Activities

Section: Chapter Questions

Problem 14QE

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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.
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
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
Retrospective changes require all but which of the following? Group of answer choices adjustments to assets and liabilities to reflect the cumulative effect of the change on periods prior to those presented restatement of financial statements to reflect the effects of the change for each period presented detailed numerical comparisons of all prior periods to restated statements retained earnings restated for the cumulative effect of the change on income for periods prior to those presented
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 purchases
Which of the following is not a part of Other Comprehensive Income? Group of answer choices foreign currency translation adjustments gains on the sale of equipment unrealized gains on available-for-sale debt securities unrecognized pension costs
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.
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?
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.
A6
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.
When translating the financial statements of an entity from its functional currency to its selected presentation currency, which of the following translation measurement is incorrect? Assets and liabilities are translated at the closing rate at the date of Statement of Financial Position. Income and expenses are translated at (1) exchange rates at the date of the transaction or (2) average rate for the period for practicality. Share capital accounts are translated at the date of the transaction resulting to that equity items. Retained earnings are translated using the average rate during the period.

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