Embedded Files
1. IntroductionÂ
1-1 Introduction to IAS 21 [R]
1-1 Introduction to IAS 21 [R]
1-2 Monetary vs. Non-monetary Items [R]
1-2 Monetary vs. Non-monetary Items [R]
2. Reporting foreign currency transactions
2-1 Individual Entity's Accounting [I]
2-1 Individual Entity's Accounting [I]
2-2 Q&A PK Company 1 [O]
2-2 Q&A PK Company 1 [O]
2-3 Q&A PK Company 2 [O]
2-3 Q&A PK Company 2 [O]
3. Comprehensive examples
3-1 Q&A Tabrez Limited [O]
3-1 Q&A Tabrez Limited [O]
3-2 Q&A Bilal Limited [O]
3-2 Q&A Bilal Limited [O]
Query: Sir loan ko year end 21ma again retranslate kyu nai kea (remaining 1M)
Response: According to question loan is repaid at the end of two year period (i.e. on 31 December 2021). Once repaid, there is no liability, so no issue of retranslation arises.
3-3 Q&A DND Limited [I]
3-3 Q&A DND Limited [I]
3-4 Q&A Orlando [O]
3-4 Q&A Orlando [O]
3-5 Q&A MZA Limited [O]
3-5 Q&A MZA Limited [O]
3-6 Q&A Copper Limited (ICAP Autumn 2019) [I]
3-6 Q&A Copper Limited (ICAP Autumn 2019) [I]
3-7 Q&A Rocky Road Limited (ICAP Spring 2020) [R]
3-7 Q&A Rocky Road Limited (ICAP Spring 2020) [R]
3-8 Q&A Kangaroo Limited [R]
3-8 Q&A Kangaroo Limited [R]
3-9 Q&A Cone Motors Ltd (ICAP Autumn 2022) [R]
3-9 Q&A Cone Motors Ltd (ICAP Autumn 2022) [R]
4. Objective Based Q&A
4-1 MCQs 1 to 20 [R]
4-1 MCQs 1 to 20 [R]
Query: my oint rekates to mcq 5. "A functional currency is the main currency that a company conducts its business" isnt this the definition of functional currecny sir?
Response: The definition as per IAS 21 Para 8 is: "Functional currency is the currency of the primary economic environment in which the entity operates." Further, IAS 21 Para 9 explains that: "The primary economic environment in which an entity operates is normally the one in which it primarily generates and expends cash. An entity considers the following factors....."
Page updated
Google Sites
Report abuse