Which of the following statements is FALSE with respect to the accounting for a change in the functional currency?

a When there is a change in an entity’s functional currency, exchange differences arising from the translation previously recognized in other comprehensive income are not immediately reclassified from equity to profit or loss

b Once the functional currency is determined, it can be changed even if there is no change to the underlying transactions, events and conditions

c Once the functional currency is determined, it can be changed only if there is a change to the underlying transactions, events and conditions

d The effect of a change in functional currency is accounted for prospectively

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c Once the functional currency is determined it can be changed only if there is a ch... View the full answer