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IAS 21 FV model

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA SBR Exams › 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
    • Topics: 36
    • Replies: 8
    • ☆

    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
    • Topics: 36
    • Replies: 8
    • ☆

    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
    Keymaster
    • Topics: 12
    • Replies: 2840
    • ☆☆☆☆☆

    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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