……. Represent the units of currency held and assets

Solution

Monetary items - units of currency held and assets and liabilities to be received or paid in a fixed or determinable number of units of currency. a.       The essential feature of a monetary item is a right to receive (or an obligation to deliver) a fixed or determinable number of units of currency. Examples include:     i.      pensions and other employee benefits to be paid in cash;     ii.      provisions that are to be settled in cash; and  cash dividends that are recognised as a liability