Reporting Foreign Currency Transactions In The Functional Currency
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How to fill out Fair Credit Reporting Act FCRA And Fair And Accurate Credit Transactions FACTA Package?
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FAQ
The accounting currency may also be called the reporting currency. The accounting (reporting) currency is not necessarily the same as the functional or transactional currency. The functional currency is what employees and customers use when conducting a transaction, such as a sale.
The reporting currency is the currency in which a company will report its financial statements. A reporting currency must be one currency, which makes it easier to understand and follow financial documents.
Foreign currency transactions are measured and recognized in an entity's functional currency through the process of remeasurement. Monetary assets and liabilities have amounts that are fixed in terms of units of currency by contract or otherwise.
The effect of a change in the functional currency is accounted for prospectively. Therefore, an entity translates all items into the new functional currency using the exchange rate at the date of change. The resulting translated amounts for non-monetary items are treated as their historical cost.
Initial Recording. When a foreign currency transaction is recorded, it needs to use the exchange rate in effect on the date of the transaction. For example, a U.S. company sells a widget for 100K GBP. To record the sale, the company needs to first record the transaction in GBP.