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Including foreign currency transactions of foreign operations (usually subsidiary companies)—in the financial statements of corporate parent—has already been a complex and labor-intensive work, since long time...
There are guidelines to determine the functional currency of a foreign operation. The ‘‘benchmarks’’ apply to selling price, market, cash flow, financing, expense, and inter-company transactions....
This post series will cover the following issues: FASB statement related with foreign currency translation, important term in foreign currency topic you should familiar with, how...