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Part B (5 marks) OPI Ltd is a Hong Kong-owned company which is incorporated in Bermuda, with its registered office in Bermuda and head office

Part B (5 marks)

OPI Ltd is a Hong Kong-owned company which is incorporated in Bermuda, with its registered office in Bermuda and head office in Hong Kong. All its factories are located in China and its products are manufactured and traded in China. The operation is financed by Hong Kong investors in Chinese RMB.

Required: Determine OPIs functional currency. Justify your answer by referring to HKAS 21: The Effects of Changes in Foreign Exchange Rates.

[5 marks]

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