Handbooks | May 2022

Insight

Handbook: Foreign currency

Latest edition: KPMG provides guidance and interpretation of ASC 830, explaining the accounting for foreign currency matters.

Mahesh Narayanasami

Mahesh Narayanasami

Partner, Dept. of Professional Practice, KPMG US

+1 212-954-7355

Danielle Imperiale

Danielle Imperiale

Executive Director, Dept. of Professional Practice, KPMG US

+1 212-954-3866


Applicability

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

Currently effective requirements

This Handbook takes an in-depth look at the application of ASC 830, Foreign currency matters.

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

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