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The value relevance of the foreign currency translation differences : a study of multinational oil and gas companies in Australia

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  • Svetalna Vlady

    (Department of Accounting, Finance and Economics, Business School, Griffith University, Australia)

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    Abstract

    This paper investigates the relationship between foreign currency translation differences and changes in firm’s market equity value of the Australian multinational firms in the oil and gas industry. The paper empirically examines this relationship under the former Australian accounting standard AASB 1012 “Foreign Currency Translation”. The paper thereby supports the new accounting standard AASB 121 “The Effects of Changes in Foreign Exchange Rates” that adopted a functional currency approach. Since, AASB121 is equivalent to International Financial Reporting Standard IFRS 21 this paper could be useful to understand the effects of foreign currency translation process not only on Australian firms but worldwide

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    File URL: http://feaa.ucv.ro/RTE/010-07.pdf
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    Bibliographic Info

    Article provided by University of Craiova, Faculty of Economics and Business Administration in its journal Revista Tinerior Economisti(The Young Economists Journal).

    Volume (Year): 1 (2008)
    Issue (Month): 10 (April)
    Pages: 52-63

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    Handle: RePEc:aio:rteyej:v:1:y:2008:i:10:p:52-63

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    Related research

    Keywords: International Accounting Standards; Current and Temporal Methods; Foreign Translation Differences; Functional Currency; Value Relevance;

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    1. Dhaliwal, Dan & Subramanyam, K. R. & Trezevant, Robert, 1999. "Is comprehensive income superior to net income as a measure of firm performance?1," Journal of Accounting and Economics, Elsevier, vol. 26(1-3), pages 43-67, January.
    2. Baillie, Richard T & Bollerslev, Tim, 1989. " Common Stochastic Trends in a System of Exchange Rates," Journal of Finance, American Finance Association, vol. 44(1), pages 167-81, March.
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