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NZ IAS 2 1 requires that the initial recognition of a foreign currency transaction be: a . at the closing rate at balance date. b
NZ IAS requires that the initial recognition of a foreign currency transaction be:
a
at the closing rate at balance date.
b
at the spot rate at the date of the transaction.
c
in the amount of the foreign currency.
d
at the rate the currency is expected to be exchanged at on the settlement date for the monetary asset or liability based on the current market price of futures contracts for the relevant foreign currency.
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