Foreign Currency Accounting

Felix I. Lessambo ()
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Felix I. Lessambo: Fordham University

Chapter Chapter 19 in Financial Statements, 2022, pp 291-299 from Springer

Abstract: Abstract Foreign currency translation is used to convert the results of a parent company's foreign subsidiaries to its reporting currency. This is a key step in the consolidation of financial statement. The functional currency in which a business reports its financial results should rarely change. A shift to a different functional currency should be used only when there is a significant change in the economic facts and circumstances.

Date: 2022
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-3-031-15663-2_19

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DOI: 10.1007/978-3-031-15663-2_19

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