Accoridng to the FASB, The ass

Accoridng to the FASB, The assets, liabilities and operations ofa foreign entity shall be measured using the functional currency ofthat entity. Should firms use a single functional currency tomeasure international operations? What are the benefits andproblems with this? Argue for both sides


The functional currency is the reporting currency of the entitywhere such entity is headquartered. I believe the firms can use asingle functional currency to measure internation operations.However, records must be kept in different currencies for requiredreportings. The benefits and problem s associated with this arediscussed below:


1. Nowadays the business is expanded over multiple countries andhence trnsactions happen in multiple currencies. Hence it getsreally difficult unless one single functional currency isfollowed.

2. Ease of operation

3. Single FASB provision for all organisations.


1. Reporting in different currencies not available. There aremultiple audits and reporting requirements in place in differentcountries and the transaction information in multiple currenciesmight not be readily available.

2. Further work required to convert statements into othercurrencies.

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