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hello in this video Ill demonstrate on a practical example how to perform consolidation of two companies with different functional currencies so yes foreign currency will be involved under IFRS I am Sylvia of cpdbox.com and for more articles examples q and As and other similar stuff please visit my website thats all about IFRS now let me read the case mommy Corporation established in the United Kingdom with functional currency of British pounds acquired a German subsidiary baby limited functional currency Euro on first January 20x1 when the retained earnings of baby amounted to 4 000 Euro on 30s November 20x2 mummy purchased goods from baby four five thousand Euros mommy sold these Goods to external customers by the year end but its payable to Baby remained unpaid prepare Consolidated statement of financial position as at 31st December 20x2 and then we have further information in tabular form so we have a table of exchange rates British pound to Euro at different dates and even we
