What is the procedure required for the restatement of non-monetary items that are carried at amounts current at the end of the reporting period (e.g., net realizable value and fair value)?
A) Non-monetary items are restated by applying the change in the general price index.
B) Non-monetary items are restated in the entity's reporting currency.
C) Non-monetary items are not restated because they are already expressed in terms of the measuring unit current at the end of the reporting period
D) Non-monetary items are restated by applying the difference between the spot rate at the beginning of the period and the spot rate at the end of the period.

Question

Quizplus · Accepted Answer

Non-monetary items that are carried at amounts current at the end of the reporting period (like net realizable value or fair value) do not need to be restated because they are already measured in terms of the monetary unit current at the end of the reporting period.

What Is the Procedure Required for the Restatement of Non-Monetary