| University | Singapore Management University (SMU) |
| Subject | Contemporary Financial Accounting |
On 1 July 2019, an Australian company Afghanistan Ltd acquired all the issued shares of Brazil Ltd, a company incorporated in the United States (US). At this date Brazil Ltd had the following account balances:
Other account balances for Brazil Ltd at 30 June 2020 are as follows:
Exchange rates for the year ending 30 June 2020 are as follows:
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Required:
1) US dollar is the functional currency of Brazil Ltd., and the Australian dollar is the presentation currency of the group:
a) Prepare the statement of profit or loss and other comprehensive income and the statement of financial position of the foreign operation at 30 June 2020.
b) Calculate the foreign currency translation reserve.
2) Theory:
Discuss the differences that would arise if the Australian dollar is the functional currency
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