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.
Its functional currency is therefore not the U.S. dollar, which means that when the subsidiary's financial statements are consolidated into the financial statements of the U.S. corporate parent, they need to be converted into U.S. dollars at the current exchange rate between those two currencies.enefits. For those who read the financial statements of U.S. companies doing business abroad, the impact of the conversion of offshore business operations into the U. S. dollar at home is made clear by functional currency analysis and determination.