what is the difference between Revaluation and Translation?
what are the steps in GL?
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Answer Posted / pratik liye
Revaluation : - We perform revaluation to account increase or decrease in value of assets/liabilities due to currency rates fluctuation. Revaluation Reserve account is used to record/post increase/decrease in value.
Transalation :- Translation is performed to translate balances from Functional currency to reporting currency. For e.g. An Indian subsidiary company of US Parent company needs to run translation to report Indian currency balances into USD.
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