THE EFFECT OF ACCOUNTING FOR FOREIGN CURRENCY TRANSACTIONS AND TRANSLATION
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ABSTRACT: THE EFFECT OF ACCOUNTING FOR FOREIGN CURRENCY TRANSACTIONS AND TRANSLATION
This study examines the effect of accounting for foreign currency transactions and translation, aiming to (1) evaluate the impact of foreign currency fluctuations on financial statements, (2) assess the accounting practices for foreign currency transactions and their compliance with international standards, and (3) analyze the challenges faced by accountants in managing foreign currency transactions. A survey design was chosen for its ability to collect comprehensive data from a wide population. The sample size was determined to be 385 respondents using Taro Yamane’s formula, ensuring a 95% confidence level and a 5% margin of error. The research was conducted in Lagos, a city with significant foreign currency transactions. The survey achieved a reliability coefficient score of 0.90. Findings indicate that foreign currency fluctuations significantly impact financial statements, and effective accounting practices are crucial for compliance with international standards. The study recommends the adoption of advanced accounting software and continuous training for accountants to manage foreign currency transactions effectively.
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