What is the difference between Currency Translation,
conversion and revaluation?
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Answer / kim khan
Conversion refers to foreign currency transactions that are
immediately converted at the time of entry to the ledger
currency of the ledger in which the transaction takes place.
Revaluation adjusts assets or liability accounts that may be
understated or overstated at the end of a period due to
fluctuation in the exchange rate between the time the
transaction was entered and the end of the period.
Translation refers to the act of restating an entire ledger
of balances for a company from the ledger currency to a
foreign currency.
| Is This Answer Correct ? | 40 Yes | 8 No |
Answer / kishore
Translation is done from functional currency to reporting
currency.
Revalution is done to know the actual balance on specific
date with respect to prevailing foriegn exchange rate of a
particular account
In Translation period end rates and average rates are used
In Revaluation period end rates are used
Translation is optional
Revaluation is mandatory
Difference in Translation will go to translation
adjustment account
Difference in Revaluation will go to unrealizes gain/loss
account
Translation should satisfy the conditions namely prior
period and following period should be open and translation
cannot be done for first period
No conditions is required for Revaluation
| Is This Answer Correct ? | 17 Yes | 8 No |
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