Need your valualble advise on Currency Translation of Equity Items:
Consolidation of Invt (C/I) is not implemented.
Currency Translation requirement (consolidation specific) is that pre equity (Equity at the time of acquisition of subsidiary shall be translated at the historical rate and shall be compared with the year end value translated at year end rate, any difference goes to Exchange Rate Differnce account from the next year onwards any difference between opening balance and closing year rate goest to translation difference.
Which is the correct method to acheive this?
1. Cumulative Translation with Historical Translation using acquisition date
2. Periodic translation and how this can be used?