Translation of Foreign Financial Statements Policy

Subscriber Content
Screenshot of the first page of Translation of Foreign Financial Statements Policy
Standardizing the Translation of Foreign Financials With Best Practices

The following sample outlines a set of policies and procedures for translation of foreign financial statements.

According to this sample policy, foreign currency translation gains and losses should be properly accounted for to be in compliance. This policy provides the necessary guidelines to determine an entity's functional currency, as well as guidance regarding translation of financial statements and transactions. This policy also provides procedures for elimination and consolidation of inter-company profits on sales or transfers, as well as guidelines for when systems and spare part inventories are sold, transferred or disposed of.

Free Trial

Sign up for a free, no-obligation trial to start exploring our timesaving, valuable resources.