Transaction are outside the scope of Ind AS 21
Transaction are outside the scope of Ind AS 21 What type of transaction are outside the scope of Ind AS 21? Derivative transactions and balances that are within the scope...
FX Rates
Importance of functional currency?
Importance of functional currency? What is the importance of functional currency? The determination of functional currency is extremely important as incorrectly determining the same will affect the financial statements in...
Financial statements presented in any currency
Financial statements presented in any currency Can an entity present its financial statements in any currency of its choice? Yes, an entity can present its financial statements in any currency...
Difference between monetary and non-monetary items
Difference between monetary and non-monetary items What is the difference between monetary and non-monetary items? Monetary items are those assets and liabilities that are cash or readily convertible into cash....
Difference between FX translation and FX revaluation
Difference between FX translation and FX revaluation What is the difference between FX translation and FX revaluation? Foreign currency translations are first recorded initially in the units of the foreign...
Carrying amount of a monetary item
Carrying amount of a monetary item How is the carrying amount of a monetary item determined on a valuation date for a foreign currency transaction? The carrying amount of an...
Carrying amount of a non-monetary item
Carrying amount of a non-monetary item How is the carrying amount of a non-monetary item determined on a valuation date for a foreign currency transaction? The carrying amount is determined...
Exchange differences on monetary items
Exchange differences on monetary items How are the exchange differences on monetary items dealt with? Exchange differences arise from: the settlement of monetary items at a subsequent date to initial...
Exchange differences from non-monetary items
Exchange differences from non-monetary items How are the exchange differences arising from non-monetary items dealt with? Non-monetary items When a gain or loss on a non-monetary item is recognised in...
Exchange differences from the presentation currency
Exchange differences from the presentation currency How are the exchange differences arising from the presentation currency dealt with? Exchange differences are recognised in other comprehensive income.These exchange differences are not...