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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.
Because that’s the technically correct way to do it
My method of translating everything at closing rate is the quick and easy method that allows you more easily to reach a balancing solution
Ok, 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 off
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