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5 major Differences between Translation and Revaluation
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Answer Posted / bismaya
1.Revaluation is a period end process, translation can be run any point of time.
2. Revaluation is used to determine the unrealised gain/loss due to foreign currency fluctuation so the source currency in revaluation is foreign currency. Translation is done to determine convert the functional currency balances to functional currency so the source currency is functional currency here.
3. Revaluation uses daily rates, translation uses period end rates (Assets& Liabilities),Period Avg Rates (Expenses and Revenues),historic rate for (Equity)
4.Revaluation journals are created once the revaluation process is run.No journal gets created only the balances get updated in the reporting currency ledger.
5.Mandatory accounts in revaluation are unrealised gain/loss accounts and in translation we have CTA(Cummulative Translation Adjustment Account.
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