what is MRC? Why it is needed?
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Answer / ajay
mrc-multiple reporting currency.
it is very essential to perform transctions in diff
currencies or to convert foreign currency in inr.
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Answer / guest
before knowing MRC you should have a clear picture of
REVALUATION - Is the process of converting funtional
currency into other currency and reporting any gain or loss
in terms of funtional currency.
TRANSLATION - Is the process of just translating balances
into other currency.
Mrc - gives more detail picture of reporting , here we can
assign 8 reporting set of books
once we come across the period ending process for general
ledger,(assuming we have doen transsaction with US)
we do revaluation with USD and see if there is any gain or
loss, Example purchased goods on 1jan exchange rate is 45
now i made payment on 31jan and the exchange rate is 40 ,
in this tpye of circumstances we do revaluation .
translation (assuming our parent company is in US)
In this case all the funtional curency(accounts balances)
will be translated in USD this is for just reporting to our
parent company , Example GE(hyd) GE(usd) it has to report
the balances into usd. it will translate the balances (no
revaluation)
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