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what is the difference between Revaluation and Translation?
what are the steps in GL?
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Answer / selvi
o Revaluation: adjusts asset or liability accounts
that may be materially understated or overstated due to a
significant fluctuation in the exchange rate between the
time the transaction was entered and the time revaluation
takes place.
o Translation: restates an entire set of books or
balances for a company from the functional currency to a
foreign currency
| Is This Answer Correct ? | 36 Yes | 4 No |
Revaluation increases or decreases the value of Assets and
liabilities due to currency fluctuations.
Translation converts functional balances to target currency
balances.
The increase or Decrease in value due to Revaluation is
posted to Revaluation reserve A/C
Due to Difference in Exchange rates used to translate
Assets/Liabilites and Income/Expenses, balance is Posted to
Cumulative translation Adjustment Account.
| Is This Answer Correct ? | 33 Yes | 4 No |
Answer / 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.
| Is This Answer Correct ? | 2 Yes | 0 No |
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