Section PS 2601 – Foreign Currency Translation

July 01, 2020

DEFINITIONS

FOREIGN CURRENCY TRANSACTIONS

  • Transactions of the government whose terms are denominated in a currency other than its reporting currency.
  • They include transactions arising when a government either:
    • Borrows or lends funds when the amounts payable or receivable are denominated in a foreign currency; or
    • Becomes a party to a contract involving foreign currencies.
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