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Handbook: Foreign currency

Handbooks | January 2024

Latest edition: Our in-depth guide on accounting for foreign currency matters.

Our comprehensive handbook provides detailed guidance and interpretations of ASC 830, with illustrative examples and Q&As.

Applicability

  • Companies that have transactions denominated in a foreign currency
  • Companies that have operations in a foreign currency environment

Key impacts:

Among other things, this January 2024 edition incorporates new or additional guidance on:

  • Items to consider if an entity holds an investment in an entity domiciled in a country with significant economic and political uncertainty
  • When a preference exchange rate is appropriate to use for remeasurement
  • Why certain unofficial rates, such as blue-chip rates, are not considered exchange rates
  • Disclosure considerations when a foreign entity operates in a country with multiple exchange rates

Report contents

  • Overview of accounting for foreign currency
  • Functional currency
  • Foreign currency transactions
  • Translation of foreign currency financial statements
  • Foreign currency derivatives and hedging foreign currency risk
  • Presentation and disclosures 

Download the document:

Foreign currency

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Meet our team

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Mark Northan
Partner, Dept. of Professional Practice, KPMG US
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Danielle Imperiale
Managing Director, Dept. of Professional Practice, KPMG US

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