The following items are in the financial statements of Pirie Plc as at 30 June 2015. $$\begin{array} { | l | l | }
\hline \text { I } & \text { Foreign currency accounts receivable } \
\hline \text { II } & \text { Foreign currency long-term debt } \
\hline \text { III } & \text { Machinery measured in foreign currency-at cost } \
\hline \text { IV } & \text { Inventories measured in foreign currency } \
\hline
\end{array}$$ Which of the following combinations identify all items required to be translated at spot rate on 30 June 2015 as prescribed in IAS 21 The Effects of Changes in Foreign Exchange Rates?

Question

The following items are in the financial statements of Pirie Plc as at 30 June 2015. $$\begin{array} { | l | l | } 
\hline \text { I } & \text { Foreign currency accounts receivable } \
\hline \text { II } & \text { Foreign currency long-term debt } \
\hline \text { III } & \text { Machinery measured in foreign currency-at cost } \
\hline \text { IV } & \text { Inventories measured in foreign currency } \
\hline
\end{array}$$ Which of the following combinations identify all items required to be translated at spot rate on 30 June 2015 as prescribed in IAS 21 The Effects of Changes in Foreign Exchange Rates?

Quizplus · Accepted Answer

Items III and IV are non-monetary assets and should be translated at the spot rate on the balance sheet date.

The Following Items Are in the Financial Statements of Pirie