Non-Monetary Items which are carried in terms of historical cost determinated in a foreign currency should be reporte using exchange rate at the date of _____

Question

Quizplus · Accepted Answer

Non-monetary items that are measured in terms of historical cost in a foreign currency should be reported using the exchange rate at the date of the transaction. This is because the historical cost principle requires assets to be recorded at their cost at the time of the transaction.

Non-Monetary Items Which Are Carried in Terms of Historical Cost