Question: Question 1-Why do we need to translate the financial statement of foreign operations? Question 2-Explain the concepts of local currency, functional currency and presentation currency

Question 1-Why do we need to translate the financial statement of foreign operations?

Question 2-Explain the concepts of local currency, functional currency and presentation currency with example.

Question 3-How is the profit or loss from translating foreign operations' financial statements from local currency to functional currency treated?

Question 4-How are the profit and loss from translating foreign operations' financial statements from functional currency to presentation currency treated?

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