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What is Exchange Rate Translation Methods about?

This document discusses various exchange rates used in accounting. It defines the closing rate as the rate at the reporting date, the historical rate as the rate when a transaction took place, and the average rate as an approximate of the actual rate for the year. It then outlines different translation methods and which exchange rates are used to translate revenues, expenses, assets, liabilities, and equity depending on if they are monetary or non-monetary and current or non-current.

Author

nurun nahwah

Language

EN