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On disposal of a subsidiary that includes a foreign operation, the cumulative amount of the exchange differences relating to that foreign operation that have been attributed to the non-controlling interests shall be __________.CorrectIncorrect
An entity may dispose or partially dispose of its interest in a foreign operation through __________of the entity.CorrectIncorrect
Gains and losses on foreign currency transactions and exchange differences arising on translating the results and financial position of an entity (including a foreign operation) into a different currency do not usually give rise to tax effects.CorrectIncorrect
Which of the following statements regarding the disclosure of information agrees with IAS 21?CorrectIncorrect
An entity Y has a year-end of 31 December 20X1 and its functional currency is EUR. On 25 December 20X1 the entity Y sold goods to a customer from Poland in amount of PLN 590 000 on credit, who paid for these goods only on 15 January 20X2.
25 December 20X1 EUR 1 = PLN 4.30
31 December 20X1 EUR 1 = PLN 4.55
15 January 20X2 EUR 1 = PLN 4.66
Average exchange rate for the year 20X1 USD 1 = PLN 4.27
What amount of revenue shall the entity Y recognise in its income statement for the year 20X1?CorrectIncorrect
An entity Z has a year-end of 31 December 20X1 and its functional currency is USD. On 26 November 20X1 the entity Z purchased goods from a Mexican supplier for peso 345 000. Goods were delivered to the entity’s Z warehouse on 13 December 20X1. The supplier remains unpaid at the year-end.
26 November 20X1 USD 1 = peso 17.45
13 December 20X1 USD 1 = peso 17.41
31 December 20X1 USD 1 = peso 17.56
Average exchange rate for the year 20X1 USD 1 = peso 17.33
What amount of liability shall the entity Z recognise in its SOFP as at the year-end?CorrectIncorrect
An entity X has a year-end of 31 December 20X1 and its functional currency is USD. On 25 October 20X1 the entity X received a loan from an Australian bank of AUD 1 330 000.
25 October 20X1 USD 1 = AUD 1.33
31 December 20X1 USD 1 = AUD 1.45
What amount of forex gain/loss shall the entity record in its SOCI as at 31 December 20X1?CorrectIncorrect