Leases in non-functional currency

This topic has 1 reply, 2 voices, and was last updated 8 years ago by P2-D2.

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October 6, 2017 at 7:19 am #409615
dimitri82
Participant
- Topics: 4
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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
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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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