What exchange rate is usually used to report non-monetary assets on the statement of financial position?
A)Spot rate.
B)Closing rate.
C)Fair value.
D)Historical rate.

Question

Quizplus · Accepted Answer

Non-monetary assets such as property, plant, and equipment are usually reported on the statement of financial position using the historical exchange rate, which is the rate at the time the asset was acquired or initially recorded.

What Exchange Rate Is Usually Used to Report Non-Monetary Assets