International accounting standards define functional currency as:
A. the currency of the parent company.
B. the currency of the primary economic environment in which the subsidiary operates.
C. the currency of the primary economic environment in which the parent operates.
D. the currency used by a subsidiary for its financial reporting.
Answer:B
International accounting standards define functional currency as:
A. the currency of the parent company. B. the currency of the primary economic environment in which the subsidiary operates. C. the currency of the primary economic environment in which the parent operates. D. the currency used by a subsidiary for its financial reporting.