Identify the functional currency of Magnolia Ltd.

SOLUTION AT Australian Expert Writers

Magnolia is a multinational Australian company listed on both the ASX and the London
Stock Exchange (LSE). It manufactures and sells sunglasses. Its sunglasses are manufactured
in the Philippines, where it sources its labour and raw materials. Magnolia’s main markets
for its product are located in Australia (45%) and the United Kingdom (55%). Its sales are
invoiced in Australian dollars and its most recent equity offering was on the LSE.
Required
(a) Identify the functional currency of Magnolia Ltd.
(b) What would be the presentation currency of Magnolia Ltd? (LO1)

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