Accounting Currency

Accounting Currency

The currency used in the internal accounting of an organization. For example, if a bank records all its transactions in British pounds, the pound is its accounting currency. Under some circumstances, a currency, notably Special Drawing Rights, may be used only as an accounting currency and for nothing else.
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The benefits extend beyond the balance sheet, as greater certainty of payment enhances cash visibility and cash flow accounting currency and directly ties working capital optimization to prudent risk-taking.
Europe is in the worst recession since the inception of the euro as an accounting currency on January 1999.
SABMiller, originally South African Breweries, earns substantial profits in emerging markets and Eastern Europe, whose currencies have fallen heavily against the dollar, SABMiller's accounting currency.
Since the arrival of the euro as the accounting currency of the Common Agricultural Policy on January 1, 1999, sterling has soared while the euro has dropped to parity with the US dollar.
While small companies may choose to change over to the new accounting currency at a single point in time, large companies will need to account in both currencies for at least part of the three years.
And if you were wondering - The Euro was introduced to world financial markets as an accounting currency in 1999 and launched as physical coins and banknotes in 2002, Venezuela has the cheapest gas on Earth with a current average price of 14 cents per gallon, and the main ingredients in six-layer dip are refried beans, guacamole, sour cream, chopped tomatoes, grated cheddar cheese and black olives - answers provided by AskMeNow.

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