You are a technical accounting consultant of a Big 4 accounting firm. One of your clients is
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You are a technical accounting consultant of a Big 4 accounting firm. One of your clients is an Australian travel company that arranges package tours in overseas destinations. The client states as follows: ‘When we arrange accommodation in foreign hotels we recognise a liability at the spot rate. Then when we pay for the accommodation any exchange gain or loss is included in the profit or loss. We believe that we are complying with AASB 121’. Do you agree? Explain.
Related Book For
South Western Federal Taxation 2016 Corporations Partnerships Estates and Trusts
ISBN: 9781305399884
39th edition
Authors: James Boyd, William Hoffman, Raabe, David Maloney, Young
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