Accounting · IAS 21 - Foreign Exchange Rates
In accordance with IAS 21 - The Effects of Changes in Foreign Exchange Rates, how should non-monetary items carried at historical cost in a foreign currency be translated at the reporting date?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Using the rate at the beginning of the financial year
- 2Using the average exchange rate for the period
- 3Using the closing exchange rate
- 4Using the exchange rate at the date of the transaction✓
Correct answer
Using the exchange rate at the date of the transaction
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