What exchange rate is usually used to report non-monetary assets on the statement of financial position?
A)Historical rate
B)Spot rate
C)Closing rate
D)Fair value

Question

Quizplus · Accepted Answer

Non-monetary assets such as property, plant, and equipment are recorded at their historical cost on the statement of financial position. The historical rate is the exchange rate at the time the asset was acquired or the cost was incurred.

What Exchange Rate Is Usually Used to Report Non-Monetary Assets