Ind As 21

Financial Reporting

In the Illustration 11, in order to translate a non-monetary item, which is inventory in this case we usually take the historical rate. But in the solution the inventory was translated using a closing rate. Kindly clarify

Vishal Satish

CA Final

★ 710

22-Nov-22 21:28

543

Answers (1)

Balance sheet items of Foreign Operations financial statements are translated using closing rate.

CA Suraj Lakhotia

Admin

23-Nov-22 14:18

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Ind As 21

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