A roadmap to foreign currency transactions and translations has been saved
A roadmap to foreign currency transactions and translations
This Roadmap provides Deloitte’s insights into and interpretations of the accounting guidance under ASC 830 and IFRS® Standards. This update reflects guidance that is effective for annual reporting periods beginning on or after January 1, 2020.
We are pleased to present the 2020 edition of A Roadmap to Foreign Currency Transactions and Translations. This Roadmap provides Deloitte’s insights into and interpretations of the accounting guidance under ASC 8301 and IFRS® Standards (in Chapter 10). While the guidance in ASC 830 has not changed significantly over the years, the application of the existing framework has continued to evolve as a result of the increasing interdependence and complexity of international economies and companies’ legal structures.
This Roadmap reflects guidance that is effective for annual reporting periods beginning on or after January 1, 2020. Each chapter of this publication typically starts with a brief introduction and includes excerpts from ASC 830, Deloitte’s interpretations of those excerpts, and examples to illustrate the relevant guidance (highlighted by “Connecting the Dots” icons). This publication also addresses relevant SEC considerations and highlights from the meetings of the AICPA SEC Regulations Committee’s International Practices Task Force (highlighted by “SEC Considerations” icons). In addition, the Roadmap identifies limited pending content from recently issued ASUs (highlighted by “Changing Lanes” icons). Readers should refer to the transition guidance in ASC 830 or in the relevant ASU to determine the effective date(s) of the pending guidance.
Note that this Roadmap is not a substitute for the exercise of professional judgment, which is often essential to applying the requirements of ASC 830. It is also not a substitute for consulting with Deloitte professionals on complex accounting questions and transactions.
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The Roadmap series contains comprehensive, easy-to-understand accounting guides on selected topics of broad interest to the financial reporting community.