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In this video tutorial, Sylvia from cpdbox.com demonstrates how to consolidate two companies with different functional currencies, involving foreign currency under IFRS. The practical example involves Mommy Corporation, established in the UK with British pounds as the functional currency, acquiring Baby Limited in Germany with Euro as the functional currency. Mommy purchased goods from Baby for 45,000 Euros, but the payable amount remained unpaid by year end. The task is to prepare a consolidated statement of financial position as at 31st December 20x2, with additional information provided in tabular form, including exchange rates between British pound and Euro at different dates. For more in-depth examples and articles on IFRS, visit cpdbox.com.
