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Foreign Currency Accounting

In: Financial Statements

Author

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  • Felix I. Lessambo

    (Fordham University)

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.

Suggested Citation

  • Felix I. Lessambo, 2022. "Foreign Currency Accounting," Springer Books, in: Financial Statements, edition 2, chapter 0, pages 291-299, Springer.
    • Handle: RePEc:spr:sprchp:978-3-031-15663-2_19
    DOI: 10.1007/978-3-031-15663-2_19
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