Which of the following statements regarding the translation of the financial statements into a presentation currency is FALSE?
A)Assets and liabilities (including comparatives)are translated at the average rate at the date of the statement of financial position.
B)Income and expenses (including comparatives)for each statement of comprehensive income presented are translated at exchange rates at the dates the transactions took place.
C)All resulting exchange differences are recognized in other comprehensive income.
D)For practical purposes, an average rate to approximate the actual exchange rate at the date of the transactions for income and expenses may be used as long as these items basically occur evenly over the period being presented.

Question

Quizplus · Accepted Answer

Assets and liabilities for the purposes of translating financial statements into a presentation currency are translated at the closing rate at the date of the statement of financial position, not the average rate.

Which of the Following Statements Regarding the Translation of the Financial