Closing Rate Translations Flashcards
1
Q
All statement of financial position
A
Current/ statement
2
Q
Dividends
A
When dividend declared/statement date
3
Q
expenses and revenue in income statement
A
average
4
Q
Tax
A
Statement date
5
Q
Income statement deprecation
A
Acquisition
6
Q
Steps
A
Translate Sofp- at statement rate
Translate Income statement
Consolidate income statement
Consolidate sofp
7
Q
Reconciliation
A
Profit after tax ( profit income statement /closing rate and income statement )
Net assets ( closing- opening)
Goodwill (closing opening)