We do we assign the fvalue of the fixed assets in foreign currencies? We have started a complet new administration, and do have a base of fixed assets with original value and accumulated deprication. But as far we can see, only in local currency entry is possible. Who can help us to enter the right currency
You have to enter your starting value (acquisition cost and accumulated depreciation) of fixed assets in your base currency
All starting balances have to be entered in your base currency
But that is very strange. We buy these assets mainly in Europe in euros and import these assets in Suriname, where our base value is the Surinamese Dollar. So with all these fluctuations in the exchange rate we have to consider losses and profits. But if I enter the value of these assets in SRD as a starting value, something goes wrong with the IFRS rules. How van I fix this valuation problem?
Can you be more specific about what goes wrong with IFRS rules? My understanding is that only monetary assets can be maintained in foreign currency (bank accounts, customer accounts, supplier accounts, other loan accounts).
Fixed assets are non-nonetary accounts.