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Why closing stock of integral foreign operation are translates using the closing rate? Closing stock being non monetary item should have been translated at the rate that existed at the date of transaction ?
Answers (6)
Thread Starter
Abhishek PurohitIt is inventory right?
Inventory must be translated at the rate when those cost were incurred right? Correct me if am wrong
Thread Starter
Abhishek PurohitInventory must be translated at the rate when those cost were incurred right? Correct me if am wrong
This relates to recognition of purchases. Closing stock is always at closing rate only
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