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AAT Comment: FRS 102 and foreign currency transactions

Many companies enter into foreign currency transactions.

Whether they buy or sell goods denoted in foreign currencies or have an overseas branch or group member, transactions in foreign currencies will need to be translated into the currency of the reporting entity in the financial statements.

In this article we take a look at the differences found under FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland in the accounting for transactions and balances denoted in a foreign currency compared to previous UK GAAP. Unfortunately, accounting for issues such as forward foreign currency contracts becomes a little more complex under FRS 102, but this article will hopefully make life easier.

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