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Foreign Currency Translation |
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Foreign currency translation The process of restating foreign currency accounts of subsidiaries into the reporting currency of the parent company in order to prepare consolidated financial statements.
Foreign Currency Translation When a parent-subsidiary relationship exists between two companies in different countries using different currencies, the act or practice of changing the financial statements of the subsidiary to conform to the accounting standards of the parent's country, as well as re-denominating the subsidiary's currency into the parent's currency. According to the Generally Accepted Accounting Principles in the United States, the translation of a foreign currency to U.S. dollars must be accurate as of the date on the financial statement. If there have been substantial changes to the exchange rate since that date, the consolidated financial statement must note this. How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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Foreign currency translation comparisons increased current quarter sales by $222,000 compared to the second quarter of last fiscal year. The Company's management uses changes in net sales excluding the effects of foreign currency translation to measure the performance of the Company's operations. In the quarter, foreign currency translation did not materially affect the Company's sales growth rate. |
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