Foreign Currency Accounting

This manual provides the accountant with a complete toolkit of solutions for dealing with foreign currency issues. It shows every step in the process of converting foreign currency financial statements into the reporting currency of the parent entity. The manual also describes the accounting for basic foreign exchange transactions and hedging activities, as well as related financial statement disclosures. As an added bonus, it addresses such related topics as the additional steps required to close the books and internal auditing tasks related to foreign currencies.