(5) When using Para 23 method to translate a foreign subsidiary's financial statements into NZD to consolidate with NZ P

[answerhappygod]

5 When Using Para 23 Method To Translate A Foreign Subsidiary S Financial Statements Into Nzd To Consolidate With Nz P 1 (14.26 KiB) Viewed 42 times

(5) When using Para 23 method to translate a foreign subsidiary's financial statements into NZD to consolidate with NZ Parent company, which of the following statements is incorrect? A. Monetary items on Balance Sheet are translated at the closing exchange rate at the end of the reporting period. B. Non-monetary items on Balance Sheet are translated at the actual exchange rate when they were acquired. C. Gain or Loss from the disposal of fixed asset is translated at the actual exchange rate when the fixed asset is disposed. D. The translation gains or losses should be included in the Profit and loss account in the income Statement.