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Foreign currencies

In: UK Gaap

Author

Listed:
  • Mike Davies

    (Ernst & Young)

  • Ron Paterson

    (Ernst & Young)

  • Allister Wilson

    (Ernst & Young)

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.

Suggested Citation

  • Mike Davies & Ron Paterson & Allister Wilson, 1992. "Foreign currencies," Palgrave Macmillan Books, in: UK Gaap, edition 0, chapter 0, pages 313-436, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-12998-0_5
    DOI: 10.1007/978-1-349-12998-0_5
    as

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