Where payments have been made in currencies other than the reporting currency
(US$), the exchange rate existing at the time the payment is made has been used.
This clarifies the requirements for public-sector entities to convert foreign currency transactions and balances into their reporting currency
and reflects the latest amendments to the corresponding IFRS.
NORDIC BUSINESS REPORT-12 January 2004-Tandberg ASA changes reporting currency to USD(C)1994-2004 M2 COMMUNICATIONS LTD http://www.
The Norwegian videoconferencing systems provider Tandberg ASA said on Monday (12 January) that it had decided to change its functional reporting currency from NOK to USD.
These currencies are commonly categorized as home currencies, base currencies and a reporting currency.
What's more, all information can be gathered by the various headquarters and seamlessly transferred from the local currencies into the reporting currency of the home countries -- within the requirements of the U.
and foreign companies extend the time periods for updating financial statements, allow foreign registrants more flexibility when selecting reporting currency
and simplify reconciliation requirements for foreign registrants complying with certain international accounting standards.
When a country becomes highly inflationary, the accounting is as follows: Nonmonetary assets and liabilities (for example, fixed assets and the related accumulated depreciation) are remeasured from the local currency to the reporting currency (the new functional currency) at historical exchange rates.
52, Foreign Currency Translation, prescribes the required accounting when an entity's functional currency changes from the reporting currency to the local currency.
For example, a company can negotiate a price for a receivable in its own reporting currency and thereby shift the exchange risk to the other party in the transaction.
When a company cannot bill in the reporting currency, it can use the settlement strategy to help mitigage foreign exchange risk.
A change in the exchange rate between the foreign currency and the reporting currency
affects the amount of the reporting currency
that will be received or paid.