The process of expressing a subsidiary's financial statement amounts denominated in a foreign currency into amounts measured in the reporting currency of its parent company is referred to as:

Question

Quizplus · Accepted Answer

Foreign currency translation is the process of converting subsidiaries' financial statements denominated in foreign currency into the parent company's reporting currency. Redenomination of financial statements, currency consolidation, and foreign currency transaction may be related to foreign currency translation, but they are not the same process.

The Process of Expressing a Subsidiary's Financial Statement Amounts Denominated