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- REQUIRED (a) The financial controller of Exchanger Limited has asked you to prepare a report which addresses the following: i. In accordance with IAS

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- REQUIRED (a) The financial controller of Exchanger Limited has asked you to prepare a report which addresses the following: i. In accordance with IAS 21 The Effect of Changes in Foreign Exchange Rates, describe what is meant by the following: (i) A foreign currency transaction. (ii) An exchange difference. ii. Outline how the following items denominated in a foreign currency are restated to presentation currency. (The functional currency is not the currency of a hyperinflationary economy). (i) Assets and liabilities. (ii) Income and expenses. (iii) Any resulting exchange differences. (12 Marks)

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