U.K. Firms Switch Accounting Methods On Currency Translations
CORPORATIONS
An increasing number of British companies are changing their accounting methods for foreign currency translation to use average exchange rates instead of year-end rates. The change is likely to make corporate treasurers less concerned about using the forward foreign exchange market to guard against a sudden rise of the pound at year-end.
As the rules stand now, British companies have a choice of using either the average or year-end exchange rate. However, in keeping with this year's rise in
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