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Functional currency of P co and S co

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA SBR Exams › Functional currency of P co and S co

  • This topic has 1 reply, 2 voices, and was last updated 2 years ago by Stephen Widberg.
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  • February 17, 2023 at 7:33 pm #679060
    humai
    Participant
    • Topics: 757
    • Replies: 248
    • ☆☆☆☆☆

    Sir sometimes functional currency of P co becomes functional currency of S co

    If S co has no autonomy in carrying out its own decision and is just an extension of P co

    S co is dependent on P co for sources of finance

    Cashflows of S co are remitted to P co immediately in form of dividends

    Sir all these 3 conditions need to be satisfied or even if any 1 condition gets satisfied then functional currency of P co becomes functions currency of S co ?

    February 18, 2023 at 2:41 pm #679097
    Stephen Widberg
    Keymaster
    • Topics: 16
    • Replies: 3411
    • ☆☆☆☆☆

    Judgement call – but the key point is whether S has autonomy or is really an extension of the parent.

    If you have pets:

    Dog = extension of owner
    Cat = autonomous

    🙂

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