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IRS Releases Practice Unit on Functional Currency Determination

|Approved Changes|United States
United States

On 6 June 2017, the U.S. IRS published an international practice unit: Functional Currency Determination. The practice unit presents the legal guidance and facts that must be considered in the determination of functional currency for both book and tax purposes where the books and records of a business enterprise are recorded in multiple currencies and locations. This includes the determination of functional currency for book purposes under US GAAP and IFRS provisions, and the determination o…

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