Foreign Suppliers
Code: 2112
👁 Views: 101
Account Information
| Financial Statement | Statement of Financial Position |
| Normal Balance | Credit |
Definition
Foreign suppliers
Note: This account may be broken down into sub-ledgers as needed (e.g., customer/supplier/bank names or branches).
📐 IFRS vs US GAAP Accounting Treatment
IFRS
IAS 21
Effects of Changes in Foreign Exchange Rates
US GAAP
ASC 830
Foreign Currency Matters
❓ Frequently Asked Questions
Q: How are exchange differences from foreign suppliers recorded?
A: The liability is revalued at the period-end closing rate, and the difference (gain or loss) is recognized in the income statement.