Inv in sub FX reval

Inv in sub FX reval

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I am preparing a parent company's individual financial statements in GBP and under IFRS, and am unsure how to treat a newly acquired subsidiary with functional currency USD.  My instinct is that an investment in subsidiary is not a monetary asset and so would not be subject to an FX revaluation at reporting dates, but it would be great if someone could share their knowledge on this matter.

The ultimate parent (not the company I am preparing now) is USD and so the presentational currency for the overall group is USD.  Since the eliminations are all done in USD at the top level, I would translate the investment in sub within my GBP entity to the historical USD amounts (rather than applying year end spot rate).  This means that the FX movements will come out through OCI, rather than the P&L route if I had performed the FX revaluation in my GBP parent books.  I think?!

Any comments appreciated, thanks 

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