Foreign Currency Transaction Gains and Losses

Question 1

Translation Rates to use

Answer 1

Assets current (spot ) rate
Labilities current (spot ) rate
Equity historical rate
Income statement items average rate

Question 2

The difference between remeasurement and translation.

Answer 2

Remeasurement gains or losses go to the income statement
Translation gains or losses go too=OCI
Going from functional currency to reporting currency, that is called translation