Philippines SEC drafts FX reporting guidelines
The guidelines are designed to allow companies to "more clearly reflect income, considering that the use of Philippine pesos results in foreign exchange gains (or losses) that may distort the real financial condition of companies whose transactions are denominated and settled in foreign currency," the SEC said.
They target corporations or entities where revenues, cost and expenses denominated in its functional currency (a currency other than the Philippine peso) represent at least 70% of the
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