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.
Reporting in Hyperinflationary Economies. A number of similarities exist between U.S. GAAP and IFRS. with respect to accounting for foreign currency translation. issues. For example, both U.S. GAAP and IFRS require. entities to remeasure assets, liabilities, income and expenses. into the entityâs functional currency, which is the currency.