SCENARIO 1-
Parent is in US. Their reporting currency is the USD, but their functional currency is the CAD
Subsidiary is in Australia. Their functional and local currency is the AUD
Can the subsidiary translate to the parent using the current rate? or must they FIRST translate to CAD using temporal, then USD using current rate? This is confusing me.
SCENARIO 2-
Parent’s functional and reporting currency are both USD. Can the subsidiary now just use the current rate?