Foreign currencies

Mike Davies, Ron Paterson and Allister Wilson
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Mike Davies: Ernst & Young
Ron Paterson: Ernst & Young
Allister Wilson: Ernst & Young

Chapter Chapter 5 in UK Gaap, 1992, pp 313-436 from Palgrave Macmillan

Abstract: Abstract A company can engage in foreign currency operations in two ways. It may enter directly into transactions which are denominated in foreign currencies, the results of which need to be translated into the currency in which the company reports. Alternatively, it may conduct foreign operations through a foreign enterprise, normally a subsidiary or associated company, which keeps its accounting records in a foreign currency and, in order to prepare consolidated financial statements, will need to translate the financial statements of the foreign enterprise into its own reporting currency.1 Accounting for these translation processes has been one of the most significant problem areas in financial reporting in recent years.

Keywords: Foreign Currency; Equity Investment; Cover Method; Exchange Loss; Forward Contract (search for similar items in EconPapers)
Date: 1992
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-349-12998-0_5

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DOI: 10.1007/978-1-349-12998-0_5

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