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- IAS 21 – Foreign Exchange 0%
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Question 1 of 10
1. Question
According to IAS 21, once determined, the functional currency is not changed unless there is a change in underlying transactions, events and conditions that are relevant to it.
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Question 2 of 10
2. Question
What shall an entity do in case its functional currency is the currency of a hyperinflationary economy?
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Question 3 of 10
3. Question
A foreign currency transaction shall be recorded, on initial recognition in the __________ currency, by applying to the foreign currency amount the spot exchange rate between the __________ currency and the foreign currency at the date of the transaction.
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Question 4 of 10
4. Question
According to IAS 21, which of the following shall be done at the end of the reporting period?
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Question 5 of 10
5. Question
When a gain or loss on a non-monetary item is recognised in other comprehensive income, any exchange component of that gain or loss shall be recognised in profit or loss.
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Question 6 of 10
6. Question
In which of the following currencies may an entity present its financial statements?
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Question 7 of 10
7. Question
Which of the following procedures shall be used in order to translate the results and financial position of an entity whose functional currency is not the currency of a hyperinflationary economy into a different presentation currency?
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Question 8 of 10
8. Question
The cumulative amount of the exchange differences is presented in a separate component of equity until disposal of the foreign operation.
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Question 9 of 10
9. Question
Any goodwill arising on the acquisition of a foreign operation and any fair value adjustments to the carrying amounts of assets and liabilities arising on the acquisition of that foreign operation shall be treated as assets and liabilities of the foreign operation.
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Question 10 of 10
10. Question
On the disposal of a foreign operation, the cumulative amount of the exchange differences relating to that foreign operation, recognised in other comprehensive income and accumulated in the separate component of equity, shall be __________.
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