Welcome, Guest

Want to take part in these discussions? If you have an account, sign in now.

If you don't have an account, apply for one now.

1. • CommentAuthorpchandler
   • CommentTime4 days ago

    
   What is the revaluation process (if any) from one reporting year to the next regarding Consolidated Retained Earnings with a different exchange rate from the prior year. Do you revalue the balances from the prior year ending balance to the current year reporting rate? Or do you explain the variances (if any) between the prior year reporting rate versus the current year reporting rate? Reason I ask, is because we have changed from a fiscal year-end to a calendar year-end that entailed 23 periods instead of 12 periods. The last 12 periods of the 23 periods has 3 months on the old reporting rate and 9 months on the new reporting rate. We filed our tax returns for the prior year with the 3 months, and now are filing a 9 month return for the remaining months of 2007 that had a different reporting rate. This has created an issue in rolling forward our retained earnings and the balances on the balance sheet from year to year.
2. • CommentAuthormomma4_5
   • CommentTime1 day ago

    
   this would depend on the consolidation process of your company and how they determine how they should report. Are they publicly traded???