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Explain the concepts of Local Currency, Functional Currency and Presentation Currency with suitable examples. Explain the rule for translating the Financial Statements of Foreign Operations

Explain the concepts of Local Currency, Functional Currency and Presentation Currency with suitable examples.
Explain the rule for translating the Financial Statements of Foreign Operations from Local Currency to Functional Currency.
Explain the rule for translating the Financial Statements of Foreign Operations from Functional Currency to Presentation Currency.

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