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Hi there,
I have been reading along quite a while and now a question has come up for which I need some advise:
Currently, I am working on the restatement of FS. Company A is changing its reporting currency from USD to EUR and at the same time changing from US GAAP to IFRS. Therefore Company A is restating its last three FS, ergo 2013, 2014 and 2015.
I am having issues in accounting for any currency translation. As an example:
If APIC was USD 100 at EOY 2013 and has actually not changed throughout 2014 and 2015, it is the same USD 100 at EOY 2015. Now if I convert to EUR for EOY 2013 it may be EUR 92, and at EOY 2014 it may be EUR 95 and EOY 2015 EUR 98. How do I account for the changes due to this kind of translation?
As far as I know in OCI and then in Equity, but I cant get it right.
Does anyone have any advise on this matter? It would be much appreciated!
Cheers.
I have been reading along quite a while and now a question has come up for which I need some advise:
Currently, I am working on the restatement of FS. Company A is changing its reporting currency from USD to EUR and at the same time changing from US GAAP to IFRS. Therefore Company A is restating its last three FS, ergo 2013, 2014 and 2015.
I am having issues in accounting for any currency translation. As an example:
If APIC was USD 100 at EOY 2013 and has actually not changed throughout 2014 and 2015, it is the same USD 100 at EOY 2015. Now if I convert to EUR for EOY 2013 it may be EUR 92, and at EOY 2014 it may be EUR 95 and EOY 2015 EUR 98. How do I account for the changes due to this kind of translation?
As far as I know in OCI and then in Equity, but I cant get it right.
Does anyone have any advise on this matter? It would be much appreciated!
Cheers.