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Hi community,
I find myself puzzled with this requirement in choosing the right FX rate provider to use for automatic exchange rate updates in BC. The requirement is that whatever exchange rates I am provided, they must be IFRS/GAAP compliant. I am not even sure if that is the right requirement for choosing an FX rate provider. What is the best industry practice (for a public listed company in the US) to choose a service that is reliable and meets the accounting standards etc?
Thanks!
Hi, I am in the same situation as Inge and have not encountered such a request.
IFRS and GAAP may use different approachs for exchange rates, such as using end-of-period rates. So as long as the exchange rate is accurate, I don't think there is a problem with which service you use.
But it's still best to ask your company's internal accountants and corresponding audits.
Hope this helps as well.
Thanks.
ZHU
My recommendation would that you use the FX service of your current bank if they offer this service. Or use the service of another well know renomméet bank or FX service.
I have never seen that any FX service promote them self as IFRS/GAAP compliant and never meet that requirement before.
Hello,
Interesting question. Hope one of the community members is able to answer this question.
Thank you.
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