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IAS 21: Keywords
Functional currency
currency of primary economic environment
where an entity operates
Presentation currency
financial statements are presented in presentation currency
Foreign currency
all currency except functional currency
Exchange rate
ratio of exchange between two currencies
Exchange difference
difference due to translation from one currency to another
at different exchange rates
Closing rate
spot exchange rate
at the end of reporting period
Spot exchange rate
exchange rate for immediately delivery
Forward exchange rate
exchange rate for future delivery
Monetary items include
(1) units of currency held
(2) assets to be received
in a fixed or determinable number of currency units
(3) liabilities to be settled
in a fixed or determinable number of currency units
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International Accounting
Standards (IAS)