Arlington, VA (August 2, 2018) — Bloomberg Tax today announced the release of a new accounting portfolio, Foreign Currency Transactions and Translations, to help practitioners advising corporations and corporate accounting professionals properly account for foreign currency transactions on their financial statements. Authored by James Green, a CPA with over 30 years of practical experience, which includes positions at KPMG and Arthur Andersen, Foreign Currency Transactions and Translations addresses the accounting for foreign currency transactions and translations under both U.S. GAAP and the international financial reporting standards.
This Portfolio provides guidance for companies to determine their functional currencies, measure and report foreign currency transactions, and translate financial statements of foreign entities by following the practical examples and guidance. In addition, the worksheets in the Portfolio provide guidance on how to reconsolidate foreign currencies in the cash flow statements and how investment companies should oversee transactions with foreign currencies. Companies that have foreign operations or do business with foreign entities will find this Portfolio of particular value.
“Foreign Currency Transactions and Translations provides both the in-depth analysis and the real-world practical guidance that our customers rely upon to plan and comply with confidence,” said George Farrah, Editorial Director, Bloomberg Tax. “Given the complexity of multiple reporting standards that multinational companies are required to follow, this new resource will assist tax professionals in understanding and mitigating the economic exposure and forecasting risk to a company’s value which may be impacted by currency volatility.”
Foreign Currency Transactions and Translations is a part of the Financial Accounting Resource Center from Bloomberg Tax, a comprehensive research product, which enables practitioners to stay current on new accounting and auditing developments with exclusive news, expert commentary and analysis, and full-text accounting standards. For a complimentary trial, visit Bloomberg Tax’s Financial Accounting Resource Center.
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