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Leases in non-functional currency

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA SBR Exams › Leases in non-functional currency

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  • October 6, 2017 at 7:19 am #409615
    dimitri82
    Participant
    • Topics: 4
    • Replies: 4
    • ☆

    Hi,

    I’ve got a question with regards the leases denominated in non-functional currency. At lease inception, the financial liability would be recognized in lease currency, but the right to use asset? Should not it be in functional currency?

    Thank you in advance

    Dima

    October 7, 2017 at 7:57 am #409731
    P2-D2
    Keymaster
    • Topics: 4
    • Replies: 7065
    • ☆☆☆☆☆

    Hi,

    Any amounts not in the functional currency of the reporting entity need to be translated initially at the rate in place on the date of the transaction.

    Thanks

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