Question：Which one or more of the following statements is correct regarding the restatement of foreign currency assets and liabilities in the financial statements of a single entity at the reporting date?
　　A. Non-monetary assets and liabilities should not be restated.
　　B. Monetary assets and liabilities should be restated at the average rate for the period.
　　C. Monetary assets and liabilities should be restated at the closing rate.
　　D. Non-monetary assets and all long term liabilities should not be restated.
　　The correct answers are:
　　Monetary assets and liabilities should be restated at the closing rate; Non-monetary assets and liabilities should not be restated.
　　The other two options are hence incorrect, review IAS 21 if you are unsure of the proper accounting treatment.
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