Functional currency

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May 17, 2019 at 4:10 pm #516265
nikaido
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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 ?
May 21, 2019 at 8:43 pm #516771
P2-D2
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Hi,

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
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