Discuss the meaning of this statement: All foreign currency transactions are in a currency other than the entitys recording currency. These transactions can include purchases or sale of goods and services in a foreign currency, loans payable or receivable in a foreign currency, and purchase or sale of foreign currency units. Define and describe the difference between functional currency, reporting currency, and local currency in the context of a multinational company and its subsidiaries. How do they relate to foreign currency translations, remeasurement, and reporting?