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Hi,
Is a property overseas held for sale to be classed as inventory per IAS 2 and should be valued at cost or net relisable value and therefore re-translation is not required at the reporting date as it is a non monetary item.
The question gives me the currency rate and market value @ y/e and at acq and refers to currency fluctuations…. Is this to throw me off?
I would translate this at closing rate! I translate everything at closing rate!
Hi Mike,
Thanks for the reply, would you retranslate based on the cost price or on the sales price which was co firmed post year end?
Thanks
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