Current Rate Method: Translation Method of Foreign Financial Statements | Advanced Accounting | CPA

[@tru_spartan_117]

My professor made it really hard to understand this concept but you really helped me. Thanks Prof!

[@AccountingLectures]

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[@tinaliang1991]

This is super helpful, thank you!

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[@Rbharadwaj]

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[@chiuhsiacheng8870]

Most excellent teacher

[@jeffnichols3513]

So the ending entry would be a debit to cumulative translation adjustment and a credit to what?

[@raziyabanu9392]

What does exchange rate as on the date of dividend remittance means in this context?

[@AccountingLectures]

When (date) they send the dividend payment.

[@diwassaxena1455]

Whose forex rate to be used for debtor or creditor at balance sheet date, is there specific guidelines to use rbi reference rate sbi rate or any other rate

[@financearabella9916]

the rate at the year end of the balance sheet

[@raceparkug9184]

May you please help me clarify if da rates are given

[@ritahjamitah4584]

the problem i have found here is that my teacher in class would divide the amount by the rate and you are multiplying. What is the difference.

[@AccountingLectures]

Hi Ritah, which amount and which rate?

[@financearabella9916]

It depends on the currency E.g if the reporting currency is Nigeria Naira for example
and exchange rate says N45 to 1 cedis
and we have assets in Nigeria Naira as N450,000
conversion will be 450.000/45
but if the conversion rate is 0.56 Cedis to N1
it will be 450,000x0.56 and vice versa

[@DL-he4dy]

I am having a final exam tomorrow. You are my savior. Thank you so much. 🫶

[@AccountingLectures]

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