Question: How is the functional currency determined under IFRS and under U.S. GAAP? Which approach is better? Explain why. Would U.S. multinationals prefer selecting the foreign

How is the functional currency determined under IFRS and under U.S. GAAP? Which approach is better? Explain why.

Would U.S. multinationals prefer selecting the foreign currency or U.S. dollar as the functional currency? Explain why.

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