On 1 July 2018, a UK company formed a foreign subsidiary in a country which has the
Question:
On 1 July 2018, a UK company formed a foreign subsidiary in a country which has the Florin (Fn) as its currency. The summarised financial statements of this subsidiary for the years to 30 June 2019 and 2020 are as follows:
Statements of comprehensive income for the year to 30 June
The average exchange rate for the year to 30 June 2019 was £1 = Fn 5 and the average exchange rate for the year to 30 June 2020 was £1 = Fn 4.5
Required:
Translate the financial statements for both years into £ sterling, in accordance with the requirements of IAS21.
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