FOREIGN CURRENCY VALUATION ACCOUNTING FOR FINANCIAL SERVICES
Hello, according to the Release Note of the 24C update, a question arises, 'This feature is applicable to financial institutions and the banking sector in particular that adhere to regulatory requirements from the Basel Committee on Banking Supervision (BCBS), European Central Bank (ECB) and European Banking Authority (EBA).' Why does it only apply to financial institutions and what happens to companies that are not in this line of business, since being auto-enabled, the impact on non-financial institutions could be minimal?
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