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FX Translation

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA SBR Exams › FX Translation

  • This topic has 1 reply, 2 voices, and was last updated 3 years ago by Stephen Widberg.
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  • May 5, 2022 at 6:45 pm #654987
    james8500
    Participant
    • Topics: 68
    • Replies: 17
    • ☆☆

    Hi,

    I do not understand why goodwill is re-translated at every reporting date. Goodwill only exists in the parents FS, therefore once calculated and translated into the parents functional currency at acquisition date- it remains in that currency?

    Thanks

    May 6, 2022 at 7:35 am #655020
    Stephen Widberg
    Keymaster
    • Topics: 16
    • Replies: 3411
    • ☆☆☆☆☆

    It only exists in the GROUP accounts (not the parent accounts).

    Until 20 years ago, retranslation was not required. But, sometime around the millenium, they changed the rule.

    Logic – if you buy Disney based in the US, the goodwill is also in the US – that’s where Mickey Mouse lives – so we have to retranslate the goodwill.

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