Summary of IAS 21 · 1. the reporting entity determines its functional currency · 2. the entity translates all foreign currency items into its functional currency.

21 дек. 2023 г. · Purpose - Functional currency reflects day-to-day business operations, while presentation currency is used for financial reporting.

An entity's functional currency is the currency of the primary economic environment in which the entity operates (ie the environment in which it primarily ...

There is no requirement in the standard for an entity to present its financial statements in its functional currency. Where the entity has a different ...

If the functional currency is the currency of a hyperinflationary economy, the entity's financial statements are restated in accordance with IAS 29 Financial ...

The functional currency is the currency in which an entity records and measures its transactions, in other words, the currency in which it maintains its ...

IFRS provides guidance on translating a reporting entity's financial statements from the functional currency to a presentation currency while ASPE does not.

The effect of a change in functional currency that is unrelated to a highly inflationary economy depends on whether the change is from the reporting currency to ...

An entity's functional currency is the currency of the primary economic environment in which the entity operates.

23 июн. 2024 г. · While the functional currency is specific to each company's operations, the reporting currency is usually a standardized currency, such as the ...