Question: 3. When translating foreign currency financial statements for an entity whose functional currency is the local currency of the country in which it is physically

3. When translating foreign currency financial statements for an entity whose

functional currency is the local currency of the country in which it

3. When translating foreign currency financial statements for an entity whose functional currency is the local currency of the country in which it is physically located, which of the following accounts is translated using current exchange rates? Bonds payable Inventories carried at market a. No No b. Yes No C. No Yes

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2. Find out if there are other reference points that can be used as reasonable alternatives.

1. Identify your reference point when making a decision based on an element of risk.

3. If there are reasonable alternatives, think about your decisions based on the different reference points and see if there are any contradictions in the decisions.