Foreign Currency Policy

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Screenshot of the first page of Foreign Currency Policy

The purpose of this policy is to establish uniform policies for recording foreign currency transactions and translations.

In this sample, corporate accounting maintains a functional currency questionnaire to determine the functional currency for recording purposes; plants are required to complete the embedded form to help corporate accounting determine the proper currency for both intercompany and external transactions to be entered into the accounting system; transactions are entered into the system in the currency in which they are denominated; and revenues and expenses are translated at the average exchange rate for the period.

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