When the functional currency is different than the presentation currency, monetary items are restated _________________________ and any gain or loss is recorded in ________________.

Question

Quizplus · Accepted Answer

Monetary items are restated at the closing rate at the financial statement date, and any resulting exchange gain or loss is recognized in income, according to International Financial Reporting Standards (IFRS) and generally accepted accounting principles (GAAP).

When the Functional Currency Is Different Than the Presentation Currency