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IAS 21 Foreign currency matters Example 2 (part 2)
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I’ve been taught to translate equity in SOFP at historical rate, I’d like to know what’s the requirement of the current accounting standard?
@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?
this part of the video refuses to play..please can it be rectified?
@jodukwe, thanks for spotting this error, it should work OK now
Hi is there no lecture for Example 3 in the Notes – Pages 114-115? Thanks
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.
@catalinviscu, I believe that my method is an acceptable alternative – it doesn’t appear to have prevented students from passing this paper in the past!