Which of the following statements is incorrect?
A)Movements in the foreign currency translation reserve must be disclosed.
B)Exchanges differences included in profit or loss must be disclosed.
C)There is no need to disclose if the presentation currency is different from the functional currency.
D)AASB 121 The Effects of Changes in Foreign Exchange Rates requires disclosures about the translation of financial statements into other currencies.

Question

Quizplus · Accepted Answer

This statement is incorrect because AASB 121 requires disclosure of the functional currency, presentation currency, and any changes in the exchange rates used for translation. Therefore, there is a need to disclose if the presentation currency is different from the functional currency.

Which of the Following Statements Is Incorrect