23Foreign Currency

  1. Introduction
  2. Definitions of Terms
  3. Scope, Objectives and Discussion of Definitions
    1. Functional Currency
    2. Monetary and Non-Monetary Items
  4. Foreign Currency Transactions
  5. Translation of Foreign Currency Financial Statements
    1. Translation of Functional Currency Financial Statements into a Presentation Currency
    2. Translation (Remeasurement) of Financial Statements into a Functional Currency
    3. Net Investment in a Foreign Operation
    4. Consolidation of Foreign Operations
  6. Guidance Applicable to Special Situations
    1. Non-Controlling Interests
    2. Goodwill and Fair Value Adjustments
    3. Exchange Differences Arising from Elimination of Intragroup Balances
    4. Different Reporting Dates
    5. Disposal of a Foreign Entity
    6. Change in Functional Currency
    7. Reporting a Foreign Operation's Inventory
    8. Translation of Foreign Currency Transactions in Further Detail
  7. Disclosure
  8. Hedging
    1. Hedging a Net Investment in a Foreign Operation or Foreign Currency Transaction
      1. Hedges of a Net Investment in a Foreign Operation
      2. Hedges of Foreign Currency Transactions
    2. Currency of Monetary Items Comprising Net Investment in Foreign Operations
  9. Examples of Financial Statement Disclosures
  10. US GAAP Comparison

Introduction

International trade continues to become more prevalent, and “multinational corporations” (MNC), now comprised not only of the international giants which are household names, but also many mid-tier companies. Corporations worldwide are reaching beyond national boundaries and engaging in international trade. International ...

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