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To apply the provisions of ASC 830, a reporting entity should determine the functional currency of each distinct and separable operation included in its consolidated financial statements. The functional currency is a factual matter and is not a policy election. Once determined, the functional currency should not change unless there are significant changes in economic facts and circumstances. In this chapter, we use the terms “distinct and separable operation” and “foreign entity” interchangeably.
This chapter discusses how to determine a distinct and separable operation’s functional currency and the impact of changes in that functional currency. See FX 6 for information on the functional currency of a foreign entity in a highly inflationary economy.
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