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Can I implement temporal method to remeasure the balances in FCCS? Has anyone implemented it?

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edited Jul 11, 2023 2:15PM in Financial Consolidation and Close 1 comment

Hi all,

We have a requirement to implement the temporal method to remeasure the balances. Has anyone implemented it? any pointers in this direction will be useful.

  • Temporal method-

The temporal method is used to convert the currency of a foreign subsidiary into the same currency as the parent company.

The parent company's currency is called the functional currency.

The currency translation technique allows the parent company to report profits or losses and file financial statements when it has subsidiaries outside of the country where it is domiciled.

Gains or losses due to exchange rate conversions are reported in the parent company's net earnings.

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