Crunchafi

Step 6: Currency (FASB & IFRS Only)

Step 6 for organizations under FASB and IFRS standards involves managing multiple currencies by using the prior month’s exchange rate as the monthly average, ensuring exchange rates are entered for both currency directions with the correct year selected, while this step is not applicable to single-currency organizations.

Step 6: Currency (FASB & IFRS Only)

This step does not apply to organizations operating under a single currency.

  • If operating in multiple currencies, you can opt to follow the common practice of using the prior month’s exchange rate as your average exchange rate for the month.
  • When entering exchange rates, be sure to select the appropriate year.
  • Exchange rates need to be entered in both directions. Example: COP to USD and USD to COP.

For more information, refer to the Knowledge Base article on Foreign Currency Reporting.