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Intra-group transactions in foreign currency

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA SBR Exams › Intra-group transactions in foreign currency

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  • August 22, 2017 at 4:14 pm #403024
    trendline
    Member
    • Topics: 22
    • Replies: 15
    • ☆

    Hi,
    When consolidating a foreign sub, do we assume that intra-group transactions cannot be offset as they are in different currencies, or do we convert at CR then offset?
    Thanks

    August 25, 2017 at 9:02 pm #403550
    P2-D2
    Keymaster
    • Topics: 4
    • Replies: 7065
    • ☆☆☆☆☆

    Hi,

    They have to be offset as the group is still a single entity but you’re correct you need to translate the overseas balance prior to elimination.

    Thanks

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