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Define monetary items

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Reference no: EM132518753

Provide brief answers to the following questions based on IAS 21:

Question (i) What is the difference between conversion and translation?

Question (ii) Define 'monetary' items

Question (iii) How should foreign currency transactions be recognized initially in an individual enterprise's accounts?

Question (iv) What factors must management take into account when determining the functional currency of a foreign operation?

Question (v) How should goodwill and fair value adjustments be treated on consolidation of foreign operations?

Question (vi) How can an entity's functional currency be changed?

Reference no: EM132518753

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