Komota Ltd., a public Canadian corporation, has a subsidiary in Australia. It has been determined that the functional currency of the foreign operations is the Australian dollar. Which of the following statements is TRUE?
A) Komota's financial statements will have to be translated into the Australian dollar.
B) Komota's transactions with the subsidiary will need to be re-measured.
C) Komota will not be required to consolidate.
D) The presentation currency is the Canadian dollar.
Correct Answer:
Verified
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