CERTYNEX IFRS ACADEMY

To translate the financial statements of a foreign subsidiary into the presentation currency (non-hyperinflationary economy), which rate applies to the assets and liabilities of the statement of financial position?

The average rate for the period, for every line of the statement.

The closing rate of that statement of financial position.

The rate at the date each asset and liability was acquired or incurred.

The rate at the date the board of directors approves the accounts.