a.
Foreign monetary and non monetary items shall be translated using the closing rate.
b.
Non monetary items measured at historical cost (according to IFRSs) shall be translated at the closing rate.
c.
Foreign monetary items shall be translated using the closing rate and non monetary items recognized in accordance with the spot rate on the date of the transaction.
d.
None of the above is correct.
d. None of the above is correct.
The correct statement is:
Foreign monetary items shall be translated using the closing rate and non-monetary items measured at historical cost (according to IFRSs) shall be translated using the exchange rate at the date of the transaction.