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Foreign Currency Financial Reporting from Euro to Yen to Yuan: A Guide to Fundamental Concepts and Practical Applications by Robert Rowan

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CHAPTER 11

The Residual

The man finishes his story, how good! how final! How it puts a new face on all things. … Lo! on the other side rises also a man and draws a circle around the circle we had just pronounced the outline of the sphere.1

—Ralph Waldo Emerson

Just when we thought we had covered the core concepts, we discover more. Just when we become accustomed to certain conventions, they change. Our minds constantly try to assign order to what we learn, only to discover new information and insights.

The chapter title “The Residual” blandly refers to items that remain. Yet the residual will prove itself anything but bland. That word residual could apply to every chapter in the book as much as it does to the content of this particular chapter. That is because each chapter of this book could go into much greater depth on each topic than the confines of this book allow, expanding both the breadth and depth of each topic. But our scope is the fundamental concepts and practical applications, which themselves provide a great deal to master.

The residuals included here provide exposure to additional topics. We just do so in less depth relative to the chapters that explored the core concepts and practical applications. Though you are less likely to encounter these topics, awareness and a basic understanding should leave you prepared to research and address any that you encounter.

REDENOMINATION

Under conditions of price inflation, more units of a given currency are required to purchase ...

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