Under AASB 121 The Effects of Changes in Foreign Exchange Rates, an entity must disclose which of the following items in particular?
I. Whether a change in the functional currency has occurred.
II. The amount of exchange differences included in profit or loss of the period.
III. The amount of the exchange difference included directly in share capital during the period.
IV. The reason for using a presentation currency that is different from the functional currency.
A) I and IV only.
B) II and III only.
C) I, II, III and IV.
D) I, II and IV only.

Question

Quizplus · Accepted Answer

Under AASB 121, an entity must disclose whether a change in functional currency has occurred, the amount of exchange differences included in profit or loss, and the reason for using a presentation currency that is different from the functional currency. However, there is no requirement to disclose the amount of exchange difference included directly in share capital during the period.

Under AASB 121 the Effects of Changes in Foreign Exchange