Monetary assets that arise from foreign currency transactions are shown in the financial statements at their dollar equivalent using the exchange rate in effect at the financial statement date.

Question

Quizplus · Accepted Answer

This statement is true. The monetary assets from foreign currency transactions are translated using the exchange rate at the financial statement date. This is in accordance with generally accepted accounting principles (GAAP) and International Financial Reporting Standards (IFRS).

Monetary Assets That Arise from Foreign Currency Transactions Are Shown