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Foreign currency transactions can be very involved, not simply a determination of exchange values, etc. In my past experience I was involved with determining if
Foreign currency transactions can be very involved, not simply a determination of exchange values, etc. In my past experience I was involved with determining if we could move a company off of "hyperinflation accounting". This type of conversion process is necessary when the converting countries economy is very unstable as well as their currency. We take for granted our monetary system as it has been in place as long as we have been a country. Other countries, however, have at times very unstable markets and monetary systems. The country that I was involved in reviewing, actually had 3 different currencies in the five years preceding my review. When a new one was implemented the old became worthless. This of course was very unsettling for organizations utilizing that currency. Banks also failed frequently. Therefore, companies kept their money spread between numerous banks, even small companies might use 5 different banks. This was to ensure that at least some of your money would still be assessable should some of the banks collapse. This is complex and something that we do not necessarily worry about in the U.S. economy yet may be a daily occurrence in other economies Since the monetary system and
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