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.
8 If the func-. tional currency is the local currency,the subsidiary is considered to be self-contained and. its financial statements are translated into U.S. dollars. If the functional currency is the. U.S.dollar,the subsidiary is considered to be just a branch office of the parent and the. financial statements are remeasured into U.S. dollars. Most foreign entities are self-. contained and use their local currency as the functional currency; thus, their financial.