When should the functional currency of a local entity (that is part of a MNC) be different from the local currency?

Question added by Shyam Sundar Krishnamoorthy , Senior Financial Analyst , Pentair Valves & Controls
Date Posted: 2015/08/16

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by Aqid Hussain , Internee , State Bank of Pakistan - Banking Services Corporation

When the parent of the firm is located in the country other than the country in which the firm concerned is located.

If any company functional currency and presentation currency is different, non monetary assets should be translated at which exchange rate?
Top Answer: <p>Actually in this company in a parent company, what should be treatment at standalone level? and ... See More

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What is the difference between functional currency and presentation currency?
Top Answer: IAS21 definebs functional currency as the currebcy of the primary economic environment in which the entit ... See More

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What Does Meaning of " Functional Currency"?
Top Answer: Functional currency is the principal (most used) currency used by the entity e.g. a Tea brokerage house i ... See More

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Hello all I've a question regarding multi-currency in accounting ?
Top Answer: Both Parent and subsidiary companies are separate entities and accounting policy both are recording USD t ... See More

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