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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?
Functional currency = USD
Transaction in euro would be translated to USD
Then whole set of accounts translated to presentation currency = Sing $