IAS 21 Foreign Operations

Question 1

General notes IAS 21

Answer 1

1. Determine functional currency

Question 2

Reporting at end of subsequent reporting periods

Answer 2

1. PPE at cost (spot)
2. PPE at revalued (spot at revalued amount)
3. Lower of cost/NRV (compare cost at transaction value spot rate and RA/NRV (at spot exchange rate) only if determined in foreign currency