Translating from the functional currency to the presentation currency involves which of the following procedures?
A) Recognise exchange differences in other comprehensive income.
B) Translate the income and expenses at the exchange rates at the dates of the transactions.
C) Translate the assets and liabilities at the closing rate at the date of the statement of financial position.
D) All of the above.

Question

Quizplus · Accepted Answer

Translating from the functional currency to the presentation currency involves all of the above procedures. Exchange differences are recognized in other comprehensive income, income and expenses are translated at the exchange rates at the dates of the transactions, and assets and liabilities are translated at the closing rate at the date of the statement of financial position.

Translating from the Functional Currency to the Presentation Currency Involves