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How to create elmination entry for exchange rate gain/loss in consolidated set of books?

edited Dec 19, 2013 3:07PM in General Ledger - EBS (MOSC) 1 commentAnswered
For following business case:

1)      Events a.       In 2012 US company sold to European entity IP rights for $20M at then current exchange rate 1.5b.      In 2013 consolidated US and EU set of books and expect to see IP Rights at $20M even though rate changed 1.72)      Accounting entries ASISa.       2012                                                               i.      EU SOB(EUR) DR IP Right CR I/C AP for €13.4M ($20m /1.5)                                                             ii.      US SOB(USD) DR I/C AR CR IP Rights for $20M                                                            iii.      Consolidated SOB(USD) has $0 balance in “IP Rights”b.      2013 (rate changed to 1.7)                                                               i.      EU SOB(EUR) still has balance of €13.4M in debit of IP rights                                                             ii.      US SOB(USD) still has $20M in credit of IP

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