Under the translation method required by AASB 121,the approach to translating a foreign operation's accounts includes:
A) Non-monetary items included in the statement of financial position are translated at the rate current at reporting date.
B) Equity at the date of investment is translated at the rate for the when the investment was acquired.
C) Revenue and expense items are translated at the exchange rates current at the applicable transaction dates statement of financial position.
D) all of the given answers.

Question

Quizplus · Accepted Answer

According to AASB 121, all of the given options are correct for translating a foreign operation's accounts. Non-monetary items included in the statement of financial position are translated at the rate current at the reporting date, equity at the date of investment is translated at the rate for when the investment was acquired, and revenue and expense items are translated at the exchange rates current at the applicable transaction dates on the statement of financial position.

Under the Translation Method Required by AASB 121,the Approach to Translating