Foreign currency accounting: determine functional currency, translate items at specified rates, and disclose exchangeability and translation effects. Ind AS 21 requires determination of an entity's functional currency and prescribes translation of foreign currency transactions and financial statements: initial recognition at the spot rate on transaction date; closing rate for monetary items at reporting date; transaction-date or fair-value measurement rates for non-monetary items; recognition of exchange differences in profit or loss except where other Ind ASs apply; special treatment for net investments in foreign operations and for presentation currencies differing from functional currencies; guidance on lack of exchangeability and estimating spot rates; and disclosure requirements.
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Foreign currency accounting: determine functional currency, translate items at specified rates, and disclose exchangeability and translation effects.
Ind AS 21 requires determination of an entity's functional currency and prescribes translation of foreign currency transactions and financial statements: initial recognition at the spot rate on transaction date; closing rate for monetary items at reporting date; transaction-date or fair-value measurement rates for non-monetary items; recognition of exchange differences in profit or loss except where other Ind ASs apply; special treatment for net investments in foreign operations and for presentation currencies differing from functional currencies; guidance on lack of exchangeability and estimating spot rates; and disclosure requirements.
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