How is accounting currency determined in China?
When a company chiefly does business in non-local currency, it then may choose the currency in which to conduct its accounting. When choosing currency, the company must consider the following factors:
- If the currency influences the sales price of the company’s goods and services
- If the currency influences the company’s labor, materials and other costs
- If the currency is used in the company’s financial activities and retained operating receipts
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