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Generally tax authorities require foreign currency transactions to be recognized using accrual accounting while monetary assets and monetary liabilities can be recognized before there is a cash receipt or cash payment that settles the transaction. Each asset, liability, item of equity, revenue or expense that arises from entering a foreign currency transaction uses the spot rate or spot price (the current exchange rate at which specific currencies can be bought or sold on currency exchange markets) at the date of the transaction between the U.S. dollar and the foreign currency. Got a Multi-Currency Accounting project? Hire the best Multi-Currency Accounting freelancers with the right skills and background in December 2024 to get your Multi-Currency Accounting job done quickly. Schedule a consultation with a Multi-Currency Accounting freelancer today. Read less
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