19.1 Branch accounts are prepared by the branch using the…….. currency.
19.2 The ……… currency is used in the primary economic environment from where the entity operates.
19.3 IAS 21 The effects of changes in foreign exchange rates deals with accounting for transactions and balances in foreign currencies, …….. those related to derivatives which are treated within the scope of IFRS 9 Financial Instruments.
19.4 IAS 21 The effects of changes in foreign exchange rates deals with accounting for the translation of an entity’s results and financial position into a …… currency where it is different from the entity’s ……… currency.
19.5 Exchange rate is the amount of a country’s currency that an entity can obtain for conversion into a …….. country’s currency.
19.6 IAS 21 The effects of changes in foreign exchange rates prescribes how an entity should conduct accounting and translation of ……… where foreign currency transactions and operations are involved.
19.7 IAS 21 prescribes that when accounting for economic events in a foreign currency, an entity shall translate foreign currency monetary items using the …… rate at the end of the reporting period.
19.8 The carrying amount of inventories is the lower of cost and …..
19.9 When a reporting entity engages in a foreign currency transaction and monetary items result from the economic event, there is a variation in the exchange rate between the …… and …… dates.
19.10 If a branch’s functional currency is not of a hyperinflationary economy, assets and liabilities with comparative amounts are translated at the ……. rate at the date of the statement of financial position.
Comments