Accounting · Consolidated Financial Statements
A subsidiary's revaluation surplus arose during the year. The subsidiary's functional currency is FC. The parent's functional currency is LC. Which exchange rate should be used to translate this revaluation surplus into the group's consolidated financial statements under IAS 21?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Exchange rate on the date of revaluation✓
- 2Average rate
- 3Closing rate
- 4Acquisition rate
Correct answer
Exchange rate on the date of revaluation
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