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The effects of changes in foreign exchange rates states that where an entity has foreign operations, such as overseas subsidiaries, branches, joint ventures or associates,
The effects of changes in foreign exchange rates states that where an entity has foreign operations, such as overseas subsidiaries, branches, joint ventures or associates, it should determine the functional currency of that foreign operation. MFRS The Effects of Changes in Foreign Exchange Rates deals with this issue.
Required:Explain four factors which should be takenintoaccount in determining whether or not the functional currency of a foreign operation is the same as that of its parent
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