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Currency in which the books and records are maintained | Translation steps |
Functional currency
| Translate the foreign entity’s financial statements from the foreign entity’s functional currency to the reporting currency
See Example FX 5-1
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Other than the functional currency
| First, remeasure the foreign entity’s financial statements into the foreign entity’s functional currency
Then, translate the foreign entity’s financial statements from the foreign entity’s functional currency to the reporting currency
See Example FX 5-2
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