Question

For the Original Post*, identify what you believe is an ethical concern or potential for fraud related to foreign currency transactions and/or the translation of foreign currency financial statements. Provide a detailed description of the ethical concern or potential for fraud that you have chosen and provide justification/reasoning for your selection. Remember to use logic and the accounting principles that you have learned to develop your argument.

Answer 1

Answer :-

• I consider technique changing over one cash to another is a moral concern or potential for extortion identified with outside money exchanges and/or the exchange of remote cash budget reports .
• As every one of you may know that according to bookkeeping standards ,. we have to interpret our outside cash exchanges at spot rate or restore remote money liabilities and resources as on accounting report date that is every one of the liabilities or resources which are fixed under an agreement and due in outside cash and ought to be resources or liabilities must be reestablished at the rate which is common as on monetary record date .
• Choice to choose transformation rate lies with the association .Conversion rate gets changed in each moment of time .
• So by variance the transformation rate , one can over report or under report its pay ,cost , resources and liabilities .
• Based on this marvels , I think this is a moral or potential for misrepresentation identified with remote money exchange .