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One of CCC's subsidiaries, DEF ltd, which is registered and operated in Hong Kong was acquired on 1 January 2014 at which time the share capital and reserves amounted to HK$ 24m. DEF ltd is fairly autonomous and its functional currency is the Hong Kong Dollar (HK$). During the year to 31 December 2014, DEF ltd made a profit of HK$ 3,000,000.
The exchange movements during the year to 31 December 2014 were as follows:
1 January 2014 £1 = HK$ 12
Average for the year £1 = HK$ 12.5
31 December 2014 £1 = HK$ 13
Required
Question 1: Discuss the criteria applied by IAS 21 'The Effects of Changes in Foreign Exchange Rates' to determining the functional currency. Calculate the exchange gain/loss of on the above subsidiary in the consolidated accounts.
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