Exam 17: Disclosure: Translation of Financial Statements Into a Presentation Currency

Under AASB 121 The Effects of Changes in Foreign Exchange Rates,an entity must disclose which of the following items in particular? I.The amount of exchange differences included in profit or loss of the period. II.The amount of the exchange difference included directly in share capital during the period. III.Whether a change in the functional currency has occurred. IV.The reason for using a presentation currency that is different from the functional currency.

When translating into the functional currency,monetary liabilities are translated using the:

When translating into the presentation currency,all assets and liabilities are translated using the:

Which of the following is an additional question to be asked in determining whether a foreign entity's functional currency is the same as that of the reporting entity?

Which of the following statements is incorrect?

Which of the following statements is incorrect?

The method used to translate financial statements prepared in the functional currency into the presentation currency is known as the:

If foreign currency denominated non-monetary assets are measured using the fair value method,they must be translated into the functional currency using the:

Post acquisition date retained earnings that are denominated in a foreign currency are: