Official reserve assets
Describe the official reserve assets and some of its important components.
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Official reserve assets are those financial assets which may be used as an international means of payments. Presently, components of the official reserve assets are as follows:
a) Foreign exchanges,
b) Gold,
c) Special drawing rights (SDRs), and
d) Reserve positions with the IMF.
Foreign exchanges are by far the main official reserves.
Specify some of instances under FASB 52 that foreign entity’s functional currency would be same as the parent firm’s currency.
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