IAS 21 treats functional currency monetary and non-monetary items in the same way.

Name: IAS 21 treats functional currency monetary and non-monetary items in the same way.
Brand: Quizplus
Rating: 4.8 (42 reviews)

Question

Quizplus · Accepted Answer

IAS 21 differentiates between monetary and non-monetary items. Monetary items are translated using the closing rate at the date of the statement of financial position, whereas non-monetary items are translated using the exchange rate at the date of the transaction.

IAS 21 Treats Functional Currency Monetary and Non-Monetary Items in the Same