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Term | Definition |
Reporting currency
| The currency in which a reporting entity prepares its financial statements
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Foreign currency
| Any currency other than the functional currency of the referenced distinct and separable operation
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Foreign entity
| A distinct and separable operation whose financial statements are prepared in a currency other than the reporting currency, and that is consolidated, combined, or accounted for on the equity method. A reporting entity must identify its foreign entities to determine which financial statements have to be translated. Distinct and separable operations whose financial statements are prepared in the reporting currency are domestic entities which, by definition, do not need to be translated.
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Distinct and separable operation
| An operation that can be clearly distinguished, operationally and for financial reporting purposes, from the rest of the reporting entity for which a meaningful set of financial statements are routinely prepared
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Functional currency
| The currency of the primary economic environment in which a distinct and separable operation operates
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