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.
3.When translating foreign currency financial statements, the following are similarities between US GAAP and IFRS. a.Both US GAAP and IFRS require remeasurement into the functional currency before translation into the reporting currency. b.Income statement amounts are generally translated at historical cost for the period. c.The remeasurement gain or loss is included in income for the period.