70% of Sri Lankan Tamils in Sri Lanka live in the Northern and Eastern provinces. Although Sri Lankan Tamils are culturally and linguistically distinct, genetic studies indicate that they are closely related to Sinhalese ethnic group in the island.
Definition: Under international financial reporting standards, a functional currency is the currency used in the primary economic environment where an entity operates. This is the environment in which an entity primarily generates and expends cash.
Since the functional currency is US$ and the carrying value in functional currency is at the historic rate, to compare with the tax base it is converted at the current rate exchange closing. This will give rise to a temporary difference even though notional.