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functional & presentation currency

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA SBR Exams › functional & presentation currency

  • This topic has 1 reply, 2 voices, and was last updated 4 years ago by Stephen Widberg.
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  • March 19, 2021 at 4:18 am #614713
    Jiya024
    Member
    • Topics: 168
    • Replies: 56
    • ☆☆☆

    sir wanted to be absolute clear on this:

    If a company is headquartered or registered in singapore say for tax purposes or any other reason, but operates in the USA. then in that case if that MNC has any transactions in say sterling or euros, will be converted to first in the functional currency, i.e. the USD and then reconverted to the presentation currency of Singapore $? is that the case?

    March 19, 2021 at 12:28 pm #614779
    Stephen Widberg
    Keymaster
    • Topics: 16
    • Replies: 3411
    • ☆☆☆☆☆

    Perfect

    Functional currency = USD

    Transaction in euro would be translated to USD

    Then whole set of accounts translated to presentation currency = Sing $

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