The translation approach required by AASB 121 in translating to presentation currency is similar to the 'current rate' method required under the former AASB 1012.

Question

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This statement is true. The translation approach required by AASB 121 for translating to presentation currency is similar to the current rate method required under the former AASB 1012. Both standards require the use of current exchange rates to translate foreign currency transactions and balances into the presentation currency.

The Translation Approach Required by AASB 121 in Translating to Presentation