Question: Explain how the functional currency is determined under IFRS and under U.S. GAAP. Describe the concepts underlying the current rate method and temporal method used

Explain how the functional currency is determined under IFRS and under U.S. GAAP.

Describe the concepts underlying the current rate method and temporal method used under IFRS IAS 21 and FASB ASC 830.

Discuss how balance sheet exposure differs under these two methods.

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