Q：Applying the rules of IAS 21, how are the closing assets and liabilities of a foreign subsidiary translated if the subsidiary does not share the functional currency of the parent?
　　A. Using the average rate or the closing rate.
　　B. Using the closing rate.
　　C. Using the closing rate at the year end for monetary items and the appropriate historical rates for non-monetary items.
　　D. Using the average rate.
　　A：The correct answer is: Using the closing rate.
　　This is specified in IAS 21, as revised in 2003.