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3 Foreign currency financial statements are translated to the group's presentation currency under IAS 21. Which of the following statements is false? Translation of financial
3 Foreign currency financial statements are translated to the group's presentation currency under IAS 21. Which of the following statements is false? Translation of financial statements into a presentation currency may be performed using the "step-by-step" or direct method - this is an accounting policy choice. If a non-wholly-owned subsidiary is a foreign operation, any FCTR resulting from the translation of its financial statements must be allocated between the controlling interest and NCI. Although IAS 21 does not address the presentation of the statement of cash flows of a foreign operation, IAS 7 does provide specific guidance. O Any goodwill and any fair value adjustments to the carrying amount of assets and liabilities arising from the acquisition of a foreign operation are considered assets and liabilities of the parent
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