Anyone have any good tips for this? I don’t know why but after 2 year of not testing this I feel like the CFA will this year and I want to be ready.
All BS items current rate
All IS items avg rate
Equity Historical rate for both
Temporal Method think CHH AHH
monetary assets current
non-monetary assets historical
equity - Historical
Sales - Avg
COGS - Hist
Current rate is used when the local currency is used
Temporal is used when the foreign (parent company) currency is used.
A bit simple but I just think Country Currency = Current… If that makes sense to you. Works for me anyways to remember which method to use.