Learn how currency translation converts foreign subsidiaries' financial results into a parent company's main currency, ...

The Financial Accounting Standards Board issued Statement 52, Foreign Currency Solution, in December 1981. Also known as Accounting Standard Codification 830, FAS 52 provides guidance on handling ...

The federal government has released draft legislative proposals to implement amendments to the functional currency tax reporting rules. “The proposals I am announcing today will improve the tax system ...

Although the rules on accounting for foreign-currency translations have not changed in many years, mistakes in this area persist. Such mistakes can result in misstatements in financial reporting, ...

What are the key differences in the recognition and reporting of foreign currency transactions between the Philippine Financial Reporting Standard (PFRS) and its current tax treatment? How are foreign ...

Companies need to translate foreign currencies when they trade in those currencies and when they have foreign operations that use differing currencies. Accounting standards insist on a consistent ...