Master Foreign Currency Transactions & Translation | Universal CPA Review

[@AspiringAccountant]

Finally, a logical explanation of Fx! Gleim and Becker both fail at teaching this topic. Thank you!

[@rajnijoshi9998]

Very well explained. Just started my CPA journey, your videos are helping me a lot.

[@universalcpareview]

Best of luck!

[@STYLEislOVE]

Thank you for this refresher!! I am taking FAR in two days and I had a hard time differentiating and keeping the differences straight between foreign currency transactions/remeasurement/translation!

[@devanjalibasou6331]

Sooooo good...extremely well explained. Thank you

[@vytran5236]

Thank you so much for explaining it in an easy way!

[@sonafrancis7010]

thanks a lot for explaining this concept as simple as possible :)

[@universalcpareview]

You’re welcome! Come sign up for a free 7-day trial! www.universalcpareview.com/start-a-free-trial/

[@Melissa-qz7tz]

thank you for this!!

[@abdulmanaf1942]

In which chapter of FAR this is explained?

[@universalcpareview]

Chapter 6!

[@nikitagarg4243]

Can you explain average rate?

[@universalcpareview]

Average rate is used for the income statement since it captures activity over a period of time and not a point in time (like the balance sheet). So average rate would be an average of the spot rate across a period of time. Most companies will calculate the average monthly rate using the daily spot rate, and then convert each month of financial results using that average monthly rate.