(a) The balance sheet of Cebu Metals, a Philippines subsidiary of Shine Metal Inc., a USbased multinational enterprise appears in Pesos and in US dollars before Peso's devaluation when the exchange rate was $0.03=PHPl as below: Fohu Matal's Ralanao Shamst Assume Peso depreciates by 15%. What would be the translation effect if the Philippine's subsidiary balance sheet is translated by the temporal method? Show both accounting exposure (PHP) and translation gain or loss (S). (15 marks) (b) As international equity issuance and trading grow, problems related to distributing financial statements in non-domestic jurisdictions become more important. Compare and contrast the three approaches while resolving problems associated with filings of crossborder financial statements. (5 marks) (a) The balance sheet of Cebu Metals, a Philippines subsidiary of Shine Metal Inc., a USbased multinational enterprise appears in Pesos and in US dollars before Peso's devaluation when the exchange rate was $0.03=PHPl as below: Fohu Matal's Ralanao Shamst Assume Peso depreciates by 15%. What would be the translation effect if the Philippine's subsidiary balance sheet is translated by the temporal method? Show both accounting exposure (PHP) and translation gain or loss (S). (15 marks) (b) As international equity issuance and trading grow, problems related to distributing financial statements in non-domestic jurisdictions become more important. Compare and contrast the three approaches while resolving problems associated with filings of crossborder financial statements