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 of 'Reporting Currency'. The currency which is used for an entity's financial statements. The reporting currency in financial statements and other financial reports are easiest to understand when they are compiled using only one currency.
We will take an example to understand the implications of functional currency on deferred tax. 1. Entity A has INR as Tax Currency and USD as functional Currency. 2. The values of non monetary assets as maintained for tax books in INR is Rs 3,150 and as maintained with USD as functional currency stood at $77.73.