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    Question

    A foreign subsidiary reports its accounts in USD. On

    consolidation, the holding company translates the figures into INR. Which rate should be used for income items?
    A Year-end rate Correct Answer Incorrect Answer
    B Average rate Correct Answer Incorrect Answer
    C Spot rate Correct Answer Incorrect Answer
    D Forward rate Correct Answer Incorrect Answer

    Solution

    Per Ind AS 21, income and expenses are translated at average exchange rate for the period.

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