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    Question

    Foreign branch operates as an integral operation. How

    are its monetary items translated in parent’s books at reporting date?
    A Closing rate for monetary items; exchange differences in P&L Correct Answer Incorrect Answer
    B Historical rate for all items Correct Answer Incorrect Answer
    C Average rate for all items Correct Answer Incorrect Answer
    D Closing rate with differences in OCI Correct Answer Incorrect Answer
    E Average rate with differences capitalized Correct Answer Incorrect Answer

    Solution

    Integral operations: monetary items at closing rate; differences to P&L.

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