| 单词 | temporal method |
| 释义 | temporal method temporal method In accounting, a method of converting a foreign currency involved in a transaction; the local currency is translated at the exchange rate in operation on the date on which the transaction occurred. If rates do not fluctuate significantly, an average for the period may be used as an approximation. Any exchange gain or loss on translation is taken to the profit and loss account. This contrasts with the closing rate or net-investment method of translation, which uses the exchange rate ruling at the balance-sheet date for translation and takes exchange differences to reserves. Traditionally, UK accounting practice allowed either method to be adopted. This area is now governed by the detailed regulations in Section 30 of the Financial Reporting Standard Applicable in the UK and Republic of Ireland. In general, items should be recorded using the temporal method except for (i) foreign currency monetary items and (ii) items measured at fair value. The relevant International Accounting Standard is IAS 21. |
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