IFRS conversion of an international subsidiary’s accounts to the parent’s presentation currency is the same as U.S. GAAP for non-hyperinflationary functional currencies, a. with the exception that remeasurement gains and losses are reported in OCI. b. with the exception that translation gains and losses are reported in income. c. with the exception that translation is the only option; remeasurement is not allowed. d. with no differences

This question is answered as per US GAAP Rules and IFRS (IAS 21)

Answered: IFRS conversion of an international…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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IFRS conversion of an international subsidiary’s accounts to the parent’s presentation currency is the same
as U.S. GAAP for non-hyperinflationary functional currencies,
a. with the exception that remeasurement gains and losses are reported in OCI.
b. with the exception that translation gains and losses are reported in income.
c. with the exception that translation is the only option; remeasurement is not allowed.
d. with no differences

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