Where a Change in the Functional Currency Occurs, the Translation

Multiple Choice

Where a change in the functional currency occurs, the translation procedures as outlined in IAS 21 The Effects of Changes in Foreign Exchange Rules, apply:

A) prospectively, from the date of the change;
B) prospectively, from the next reporting date;
C) retrospectively and must be adjusted in the opening balance of retained earnings;
D) retrospectively and must be adjusted directly into the current period profit or loss.