Question
Koala Ltd is a company registered in Australia. It controls a subsidiary company residing in India. The subsidiary operates within India and sells its goods
Koala Ltd is a company registered in Australia. It controls a subsidiary company residing in India. The subsidiary operates within India and sells its goods and purchases its raw materials in India. It is estimated that 80% of Koalas sales are generated by its subsidiary based in India. The remaining balance of sales is generated by their operations based in Australia. Seventy percent of the shareholders of Koala Ltd are based in Australia.
Required
- Determine the functional currency of Koala Ltd. Justify your decision.
- Determine the presentation currency of Koala Ltd. Justify your decision.
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International Auditing Standards In The United States Comparing And Understanding Standards For ISA And PCAOB
Authors: Asokan Anandarajan
1st Edition
1606496123, 978-1606496121
