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What are the current practices and procedures for translation of financial statements in the United Kingdom?...

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Accounting

What are the current practices and procedures for translation offinancial statements in the United Kingdom? Visit the Institute ofChartered Accountants in England and Wales’ website to start yourresearch.

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Current practices and procedures for translation of financial statements in the United Kingdom Financial statement translation is a corporate accounting process by which a parent company converts a foreign entitys financial statements into its reporting currency to prepare consolidated financial statements Accounting standards require that multinational companies financial reports include the results of their foreign entities Thus in every reporting period the parent company must translate its foreign entities financial statements into its reporting currency This translation can be done through three methods Using the market rate on the reporting date Using a weighted average exchange rate Using historical    See Answer
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