{"schema_version":2,"canonical_url":"https://asc.understandingaccounting.org/asc/830/10/#05-overview-and-background","source":"FASB Accounting Standards Codification, Basic View","usage":"Study and research edition. Verify current requirements with the official source. Summaries, enrichment, and tags are machine-generated study aids. Paragraph html preserves source markup; snippet is abbreviated. Pending content is not necessarily effective.","topic":"830","topic_title":"Foreign Currency Matters","subtopic":"830-10","subtopic_title":"Overall","section":{"number":"05","label":"05 Overview and Background","anchor":"05-overview-and-background","is_sec":false,"groups":[{"block":null,"heading":null,"paragraphs":[{"citation":"830-10-05-1","para":"05-1","html":"<div class=\"asc-body\"><div class=\"norm-text\">The <a href=\"/glossary/f/#foreign-currency\" class=\"term\" title=\"A currency other than the functional currency of the entity being referred to (for example, the dollar could be a foreign currency for a foreign entity). Composites of currencies, such as the Special Drawing Rights, used to set prices or denominate amounts of loans, and so forth, have the characteristics of foreign currency.\"><span>Foreign Currency</span></a> Matters Topic provides guidance on <a href=\"/glossary/f/#foreign-currency-transactions\" class=\"term\" title=\"Transactions whose terms are denominated in a currency other than the entity's functional currency. Foreign currency transactions arise when a reporting entity does any of the following: Buys or sells on credit goods or services whose prices are denominated in foreign currency Borrows or lends funds and the amounts payable or receivable are denominated in foreign currency Is a party to an unperformed forward exchange contract For other reasons, acquires or disposes of assets, or incurs or settles liabilities denominated in foreign currency.\"><span>foreign currency transactions</span></a> and <a href=\"/glossary/t/#translation\" class=\"term\" title=\"See Foreign Currency Translation.\"><span>translation</span></a> of financial statements. This Topic includes the following Subtopics:<ol class=\"ol-norm\"><li class=\"li-norm\"><span class=\"linum\">a</span><div class=\"p\">Overall</div></li><li class=\"li-norm\"><span class=\"linum\">b</span><div class=\"p\">Foreign Currency Transactions</div></li><li class=\"li-norm\"><span class=\"linum\">c</span><div class=\"p\">Translation of Financial Statements</div></li><li class=\"li-norm\"><span class=\"linum\">d</span><div class=\"p\">Statement of Cash Flows</div></li><li class=\"li-norm\"><span class=\"linum\">e</span><div class=\"p\">Income Taxes.</div></li></ol></div></div>","snippet":"The Foreign Currency Matters Topic provides guidance on foreign currency transactions and translation of financial statements. This Topic includes the following Subtopics:\n(a) Overall\n(b) Foreign Currency Transactions\n(c…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:8341cf88e0938cf231b7538a2a18287c58e3498036cd6d4c2413b005bc1a15a0","downloaded_from":"2026-09-10T01:46:12.556Z","last_downloaded_at":"2026-09-10T01:46:12.556Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481959","source_sha256":"232d8cfcff4d1b7de379f742171dd39fc965162a2c14bec95fba6419cd7c65d1"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:0d375f95c570cd98acbe54540731b0cf251e1bc8460e6310aaa240781a67d2f5","downloaded_from":"2026-09-10T01:46:12.556Z","last_downloaded_at":"2026-09-10T01:46:12.556Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481959","source_sha256":"232d8cfcff4d1b7de379f742171dd39fc965162a2c14bec95fba6419cd7c65d1"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:9829791515c30237eec484fdbded88c0d2cf9b30c94f6961d17f8e4be985a329","downloaded_from":"2026-09-10T01:46:12.556Z","last_downloaded_at":"2026-09-10T01:46:12.556Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481959","source_sha256":"232d8cfcff4d1b7de379f742171dd39fc965162a2c14bec95fba6419cd7c65d1"}},"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:9829791515c30237eec484fdbded88c0d2cf9b30c94f6961d17f8e4be985a329","downloaded_from":"2026-09-10T01:46:12.556Z","last_downloaded_at":"2026-09-10T01:46:12.556Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481959","source_sha256":"232d8cfcff4d1b7de379f742171dd39fc965162a2c14bec95fba6419cd7c65d1"}}