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what is the main difference between the MRC and Revaluation?
can any one tell me.
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Answer Posted / padma
I believe MRC stands for multiple reporting currency. Where
an organisation has different reporting currencies ( like
companies having global presence ) reporting cannot be just
in one functional currency. When they report the
performance in various other currencies , it is called MRC -
Multiple Reporting Currency. Whereas, Revaluation deals
with the fluctuations of currency exchange rate. There
would usually be difference between a journal entry booked
and at the time of month end. the difference of the same
which would occur due to market flucuations and where the
currency conversion rate gets revalued, is called
revaluation. could some put more light on my comments and
guide me if I am right ??
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