Ias 21Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA FR Exams › Ias 21This topic has 1 reply, 2 voices, and was last updated 6 years ago by MikeLittle.Viewing 2 posts - 1 through 2 (of 2 total) AuthorPosts May 26, 2017 at 11:51 am #388265 adarsh1997ParticipantTopics: 637Replies: 282☆☆☆☆Hi Mike!Could you explain why non monetary items are carried out at historical cost in using the exchange rate at the date of acquisition?Thanks. May 26, 2017 at 3:34 pm #388289 MikeLittleKeymasterTopics: 27Replies: 23137☆☆☆☆☆Because that’s the technically correct way to do itMy method of translating everything at closing rate is the quick and easy method that allows you more easily to reach a balancing solutionOk, it’s an error … but it’s only one error and will cost you maybe 2 marks, a maximum of 3 marks.But you’ll have made much more that 3 marks’ worth of progress in other areas of the question so it’s a well-worth-while trade offAuthorPostsViewing 2 posts - 1 through 2 (of 2 total)The topic ‘Ias 21’ is closed to new replies.