Currency of the country (called the 'primary environment' ) in which a firm a conducts its business activities and generates most or all of its income and expenses. It may or may not be the currency in which it presents its financial statements, which is called reporting currency or presentation currency. For U.S. firms operating in foreign countries, the reporting requirements are governed by the rules of the Financial Accounting Standards Board, particularly statements 8 and 52 (FASB No. 8 and FASB No. 52).
Related information about functional currency:
- Functional currency - Wikipedia, the free encyclopedia
Functional currency refers to the main currency used by a business or unit of a business. It is the monetary unit of account of the principal economic environment ...
- Functional Currency Definition | Investopedia
The primary type of money that a company uses in its business activities. Often a company's functional currency is the same as that of the nation in which it is ...
- Functional Currency Definition - AccountingTools
Definition: Under international financial reporting standards, a functional currency is the currency used in the primary economic environment where an entity ...
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Brief and Straightforward Guide: What Is Functional Currency?
- Summary of Statement No. 52 - Financial Accounting Standards Board
An entity's functional currency is the currency of the primary economic ... The functional currency can be the dollar or a foreign currency depending on the facts .
- What is functional currency? definition and meaning
Definition of functional currency: Currency of the country (called the 'primary environment' ) in which a firm a conducts its business activities and generates most ...
- Functional and Presentation Currency
International Accounting Standard 21 (IAS 21) defines functional currency as “the currency of the primary economic environment in which the entity operates”.
- What is your functional currency? « David Haimes Oracle ...
Jun 26, 2008 ... by David Haimes (with excerpts from an internal document by Seamus Moran) Regular readers will probably be used to this answer now… it ...