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How the items that arise from foreign currency transactions

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Reference no: EM132780947

Problem 1: Explain what is meant by a spot exchange rate, and closing exchange rate

Problem 2: Explain how the items that arise from foreign currency transactions are translated into Australian dollars when initially recognised in the accounting records. What sort of items must subsequently be re-measured under AASB 121/IAS 21? At what dates does the re-measurement occur?

Reference no: EM132780947

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