# ASC 830-30-05: Foreign Currency Matters — Translation of Financial Statements — 05 Overview and Background

Source: FASB Accounting Standards Codification, Basic View

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## ASC 830-30-05: 05 Overview and Background

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##### [830-30-05-1](https://asc.understandingaccounting.org/asc/830/30/#830-30-05-1)

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This Subtopic provides guidance for translating [foreign currency statements](https://asc.understandingaccounting.org/glossary/f/#foreign-currency-statements "Financial statements that employ as the unit of measure a functional currency that is not the reporting currency of the reporting entity.") that are incorporated in the financial statements of a [reporting entity](https://asc.understandingaccounting.org/glossary/r/#reporting-entity "An entity or group whose financial statements are being referred to. Those financial statements reflect any of the following: The financial statements of one or more foreign operations by combination, consolidation, or equity accounting Foreign currency transactions.") by consolidation, combination, or the equity method of accounting.