what is the difference between Revaluation and Translation?
what are the steps in GL?
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Answer Posted / selvi
o Revaluation: adjusts asset or liability accounts
that may be materially understated or overstated due to a
significant fluctuation in the exchange rate between the
time the transaction was entered and the time revaluation
takes place.
o Translation: restates an entire set of books or
balances for a company from the functional currency to a
foreign currency
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