When translating non-monetary liabilities into the functional currency,the translation rate used is:
A) the rate at date of valuation.
B) the closing rate.
C) the spot rate.
D) the average rate.

Question

Quizplus · Accepted Answer

Non-monetary liabilities are translated using the rate at the date of valuation, as they are not remeasured at each reporting date.

When Translating Non-Monetary Liabilities into the Functional Currency,the Translation Rate