Translation of financial statements into the presentation currency requires:
A) translation of assets and liabilities at closing rate
B) translation of revenues and expenses at historical or average rate
C) both A and B
D) none of the above

Question

Quizplus · Accepted Answer

Translation of financial statements into the presentation currency requires both A and B. Assets and liabilities need to be translated at the closing rate, while revenue and expenses need to be translated at historical or average rate.

Translation of Financial Statements into the Presentation Currency Requires