Question
The net assets of a foreign operation at 30 June 2018 are constituted as assets of US$353000 and liabilities of US$197000. The Australian parent entity
The net assets of a foreign operation at 30 June 2018 are constituted as assets of US$353000 and liabilities of US$197000. The Australian parent entity purchased the foreign subsidiary on 1 July 2013.
Exchange rate information is as follows:
1 July 2013 | US$1.00=A$1.24 |
1 July 2017 | US$1.00=A$1.35 |
30 June 2018 | US$1.00=A$1.45 |
The foreign operation has not traded during the year ended 30 June 2018. Consequently, the net assets remain unchanged during this period. Calculate and enter the amount (use negative sign in front of the amount, if it is loss) of foreign currency exposure for the year ended 30 June 2018
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