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IAS 21 The effects of changes in foreign exchange rates outlines how to account for transactions in foreign currencies and foreign operations, and also how

IAS 21The effects of changes in foreign exchange ratesoutlines how to account for transactions in foreign currencies and foreign operations, and also how to translate financial statements into a presentation currency.

i)Explain "exchange rate" and "exchange difference" in accordance to IAS 21 anddemonstrate how the exchange differences arise.

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