Revaluation of GL's denominated in currency other thanthe local Currency

[Dwejen]

Hi

As a rule , is it only Balance Sheet GL's that are subject to revaluation? Or Can PnL GL's also be subject to revaluation?

Thanks for your comments

 

[bklynboy]

Just BS - revalue at spot rate to functional currency. P&L is converted using weighted average for the month or actual rate when transaction occurred. Remember P&L is the impact when transaction happened whereas BS is a point in time and needs to be updated as time passes.