ASC 830 Foreign Currency Matters provides accounting and reporting requirements for determining the functional currency, converting foreign currency transactions and translating the financial statements into the reporting currency. This short will go through what rates to use and how to translate Income Statement Accounts.
Definitions
1) Functional Currency - the currency the entity transacts in and keeps its accounting records
2) Reporting Currency - the currency the parent, consolidating and/or holding company prepares its financial statements in
3) Spot Rate - the currency translation amount at a certain period of time
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