Comments

  1. avatar says

    Sir,
    Could you tell me if the following is right?
    Receivables/Payables -> translation differences go to P&L
    Assets held under revaluation model -> differences go to OCI
    Debt instruments -> Split between OCI & P/L ( If held at FVTPL)
    Take to OCI ( If held at FVTOCI)
    And what exactly are monetary assets?
    Thanks in advance

    • Profile photo of MikeLittle says

      @sharon0709, I believe that my method is still an allowable alternative. If I am correct, I think you’ll find that translation of EVERYTHING at closing rate is so much easier. Why not check it for yourself on the internet?

  2. Profile photo of catalinviscu says

    The tutor is saying that in SOFP we should translate eberything at the closing rate but in the past exams papers printed solution they are always translates the equity section of SOFP at historic rate.Which is the correct one,please?I am a bit confused now.

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