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Which of the following are true regarding the selection of the functional currency? Multiple choice question. Changes in economic circumstances can necessitate a change in
Which of the following are true regarding the selection of the functional currency? Multiple choice question. Changes in economic circumstances can necessitate a change in the foreign affiliate's functional currency. If the functional currency is changed, the accounting change should be treated as an error correction and restatement of prior periods. If the functional currency is changed, the accounting change should be treated as a change in estimate with no restatement of prior periods. Once a foreign affiliate's functional currency is chosen, it can never be changed
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