Foreign currency translation is used to convert the results of a parent company’s foreign subsidiaries to its reporting currency. This is a key step in the consolidation of financial statement. The functional currency in which a business reports its financial results should rarely change. A shift to a different functional currency should be used only when there is a significant change in the economic facts and circumstances.
CITATION STYLE
Lessambo, F. I. (2018). Foreign Currency Accounting. In Financial Statements (pp. 261–268). Springer International Publishing. https://doi.org/10.1007/978-3-319-99984-5_19
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