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Chapter 5 — Broad Transactions

5.6 Foreign Currency Matters

5.6 Foreign Currency Matters

The primary sources of guidance on accounting for foreign currency transactions and translations are IAS 21 and IAS 29 under IFRS Accounting Standards and ASC 830 under U.S. GAAP. Throughout this section, terminology applicable to both IFRS Accounting Standards and U.S. GAAP is used, depending on the applicable guidance (e.g., “foreign operation” in IFRS Accounting Standards versus “foreign entity” in U.S. GAAP).