ENR » Topics » Foreign Currency Translation

These excerpts taken from the ENR 10-K filed Nov 26, 2008.
Foreign Currency Translation - Financial statements of foreign operations where the local currency is the functional currency are translated using end-of-period exchange rates for assets and liabilities, and average exchange rates during the period for results of operations. Related translation adjustments are reported as a component within accumulated other comprehensive income in the shareholders’ equity section of the Consolidated Balance Sheets.

For foreign operations where the U.S. dollar is the functional currency and for countries that are considered highly inflationary, translation practices differ in that inventories, properties, accumulated depreciation and depreciation expense are translated at historical rates of exchange, and related translation adjustments are included in earnings. Gains and losses from foreign currency transactions are generally included in earnings.

Foreign Currency
Translation
- Financial statements
of foreign operations where the local currency is the functional currency are
translated using end-of-period exchange rates for assets and liabilities, and
average exchange rates during the period for results of operations. Related
translation adjustments are reported as a component within accumulated other
comprehensive income in the shareholders’ equity section of the Consolidated
Balance Sheets.


For foreign operations where the U.S.
dollar is the functional currency and for countries that are considered highly
inflationary, translation practices differ in that inventories, properties,
accumulated depreciation and depreciation expense are translated at historical
rates of exchange, and related translation adjustments are included in earnings.
Gains and losses from foreign currency transactions are generally included in
earnings.


EXCERPTS ON THIS PAGE:

10-K (2 sections)
Nov 26, 2008
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