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IAS 21 FV model

This topic has 2 replies, 2 voices, and was last updated 1 year ago by Stephen Widberg.

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July 29, 2021 at 11:20 am #629772
aarti2407
Member
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sir as per IAS 21 if there is no change in the FV of an asset(that is measured using revaluation model) since its purchase last year, then at the reporting date do we retranslate the asset at the closing exchange rate?
July 29, 2021 at 12:59 pm #629779
aarti2407
Member
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sir I realised the title of this post is slightly misleading. I actually wanted to write IAS 21 under FV model. I know that IAS 21 is effects of changes in foreign exchange rates. Apologies for the goof up.
July 30, 2021 at 7:35 am #629822
Stephen Widberg
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Foreign transactions – any balance which is revalued at the SFP date must be remeasured at the closing rate.
In the real exam don’t spend time quoting standard numbers.
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