Svetalna Vlady (Department of Accounting, Finance and Economics, Business School, Griffith University, Australia)
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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Find related papers by JEL classification: F00 - International Economics - - General - - - General F3 - International Economics - - International Finance
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