Foreign Currency Flashcards
1
Q
What are initial transactions measured at in regards to foreign currency?
A
Historic rate
2
Q
In regards to foreign currency, are monetary items retranslated at closing rate if they are unsettled transactions at the year end?
A
Yes - using the closing rate
3
Q
In regards to foreign currency, are non-monetary items retranslated at closing rate is there are unsettled transactions at the year end?
A
No - they remain at the historic rate when the cost was first measured
4
Q
Where are exchange gains/losses recorded usually unless they are recorded in equity?
A
In the statement of profit or loss
