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Loss on translating closing balance of subsudiary

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA SBR Exams › Loss on translating closing balance of subsudiary

  • This topic has 3 replies, 2 voices, and was last updated 11 years ago by MikeLittle.
Viewing 4 posts - 1 through 4 (of 4 total)
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  • April 2, 2014 at 4:34 pm #164041
    Nizar
    Member
    • Topics: 49
    • Replies: 125
    • ☆☆

    When translating the closing balance of subsudiary’s SOFP from foreign to functional currency, the part “profit for the year”, i got a loss of $2008, which, have a profit of 1500(in other currency).

    the part profit for the year should be the balancing figure right, is it possible to obtain such result?

    there’s no suggested solution, as this is a tutorial question given by my tutor.

    April 3, 2014 at 11:20 am #164117
    MikeLittle
    Keymaster
    • Topics: 27
    • Replies: 23327
    • ☆☆☆☆☆

    IF I have understood you correctly, I would translate the subsidiary’s Income Statement according to “the rules”, put the derived figure into the equation “opening net assets @ opening rate + profit for the year as translated – closing net assets @ closing rate = exchange gain / loss”

    Try that

    April 4, 2014 at 3:53 pm #164407
    Nizar
    Member
    • Topics: 49
    • Replies: 125
    • ☆☆

    erm, i got it.

    anyway, how do we establish whether the question is asking for “translating from foreign to functional currency” or “translating from functional to presentation currency” ?

    April 4, 2014 at 6:35 pm #164416
    MikeLittle
    Keymaster
    • Topics: 27
    • Replies: 23327
    • ☆☆☆☆☆

    Most unlikely that he will ask that but, if he does, he will give you both currency exchange rates

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