CERTYNEX IFRS ACADEMY

Lucerne has the euro as its functional currency and wants to present its financial statements in dollars, the currency of its investors. What is the consistent approach?

Present in dollars and translate results and financial position under the standard's translation rules.

Change its functional currency to the dollar, the presentation currency being binding as the functional currency.

Give up the dollar, the presentation currency having to be the functional currency.

Present in dollars by applying the average rate for the year to all items without distinction.