As prescribed in AASB 121,in translating the accounts of a foreign operation from local currency to functional currency,the exchange rate to use for land is the exchange rate at the date of the transaction.

Question

Quizplus · Accepted Answer

AASB 121 specifies that non-monetary items, such as land, should be translated using the exchange rate at the date of the transaction, reflecting their historical cost.

As Prescribed in AASB 121,in Translating the Accounts of a Foreign