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What is the difference between Currency Translation,
conversion and revaluation?
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Answer Posted / kishore
Translation is done from functional currency to reporting
currency.
Revalution is done to know the actual balance on specific
date with respect to prevailing foriegn exchange rate of a
particular account
In Translation period end rates and average rates are used
In Revaluation period end rates are used
Translation is optional
Revaluation is mandatory
Difference in Translation will go to translation
adjustment account
Difference in Revaluation will go to unrealizes gain/loss
account
Translation should satisfy the conditions namely prior
period and following period should be open and translation
cannot be done for first period
No conditions is required for Revaluation
| Is This Answer Correct ? | 17 Yes | 8 No |
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