Determining Functional currency

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May 27, 2015 at 8:32 pm #249692
Derfla
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Why is determining functional currency important? Financial statements will still be translated by the parent anyway.
June 4, 2015 at 3:57 pm #253096
Ali
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Functional currency is the one the subsidiary uses to prepare its Financial statements
If you dont know the Functional how would you know which currency is to be translated by the parent?
Its important when the subsidiary is dealing in two or more currencies
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