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What is meant by a spot exchange rate

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Reference no: EM132589311

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

Question 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: EM132589311

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