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Currently, consolidate online does not appear to have functionality to correctly convert balance sheet accounts.


Under IAS 19 balance sheet accounts should be revalued from foreign currency at the closing date. Consolidate online revalues the movement in the period to this date, however it will ignore the opening balance, thus the total closing balance is always converted incorrectly. In large non-current accounts, this can lead to quite big differences!


I would suggest that consolidate online functionality be designed so that it can correctly convert balance sheet FX.

Category: Consolidations
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G

IAS 21 sorry not 19!

Category: Consolidations