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Discuss the translation process that will occur

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Question - In its 2011 annual report (p. 98) Wesfarmers notes that the functional currency and presentation currency of Wesfarmers Ltd and its Australian subsidiaries are the Australian dollar. In Note 32 it lists its overseas subsidiaries and their functional currencies. These include Bunnings (NZ) Ltd for which the functional currency is the New Zealand dollar (NZD), and Wesfarmers Kleenheat Elpiji Ltd for which the functional currency is the Bangladesh taka (BDT).

Required - Discuss the translation process that will occur so that these subsidiaries can be included in the consolidated financial statements of Wesfarmers Ltd and explain why exchange differences arise.

Reference no: EM132562792

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