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ECON 102 – IAS 21 “The effects of changes in Foreign Exchange Rates”

24 / 01 / 2019 Assignments

This paper circulates around the core theme of ECON 102 – IAS 21 “The effects of changes in Foreign Exchange Rates” together with its essential aspects. It has been reviewed and purchased by the majority of students thus, this paper is rated 4.8 out of 5 points by the students. In addition to this, the price of this paper commences from £ 59. To get this paper written from the scratch, order this assignment now. 100% confidential, 100% plagiarism-free.

ECON 102 – IAS 21 “The effects of changes in Foreign Exchange Rates”

IAS 21 “The effects of changes in Foreign Exchange Rates” recommends that an entity translates foreign currency items/net investment into its functional currency and reports the effects of such translation. Required: (i) Define and briefly explain the functional currency concept. (3 marks) (ii) Briefly outline the translation requirements for reporting a foreign currency business transaction and for reporting the results of an investment in a foreign operation. (6 marks)(b) The following balances were extracted from the books lootex Ltd. for the year ended 30 September 2000.Sh. ‘000’Purchase of equipment7,500Purchase of raw materials19,655Depreciation expense675Interest expense350Investment income310Closing stock of raw materials3,400Minority interest in the profits of the subsidiary200Ordinary dividends340Value added tax – included in the turnover8,000Wages, salaries and pension5,000Current tax (corporation tax)770Turnover32,135Required:Value added statement. (9 marks) (Total: 18 marks)

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