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Hello, so far for all Foreign sub consolidation that came out in the exams, the functional currency of the sub was the actual currency being used in the sub country and according to what i understood, we need to adjust the sub P/l or SOFP and then translate it before starting to draft the consolidated p/l or SOFP. My question is what do we do if the functional currency of the sub is that of the currency being used by the parent?
Then there’s no translation exercise! The whole point of a foreign consolidation question is to convert the subsidiary’s results into the reporting currency of the parent
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