A company was incorporated in States and was funded by owners in US dollar
but it trades in Mexico has the staff there and revenue is made from businesses there , so the company recives income in Peso and pays its staff in peso as well
would the functional currency be peso or US dollar ?
Ask the Tutor ACCA SBR
Functional currency
7y ago#1Hi,
You'd need more detail behind the amounts involved, but I'd go with the Peso as these meet the main criteria of IAS 21.
Thanks
Sign into reply to this topic.