III. Steps to Completion 1. Read and review the IFRS IAS #1 to prepare for subsequent steps to completion. 2. In Excel: a. Perform the foreign currency translation of the Lombard & Levin, Inc. financial statements, locate and use the Excel file in Content/Course Resources/Projects & Rubrics/Project 2. i. You must insert formulas for all calculated numbers in the Excel spreadsheet. b. Translate from the functional currency of Lombard & Levin to the U.S. dollar as of December 31, 20X1. c. You may need to add rows in the Excel spreadsheet after Retained Earnings and before Total Liabilities and Stockholders' Equity for the Cumulative Translation Adjustment. d. Calculate the translation adjustment separately to verify the amount obtained as a balancing figure in the translation worksheet