Working with clients in other countries opens you up to the world of foreign exchange differences. These differences can arise in many ways. Take two simple examples:
1. A small firm with just one UK office provides services to a European client, which wants to be billed in euros. If the bill for, say, €100,000 is recorded in the books when the sterling/euro exchange rate is €1.30/£1 and settled when the rate is €1.40/£1, an exchange difference has arisen. In this case, it is a loss of £5,495.
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.
For questions call 1-877-256-2472 or contact us at [email protected]
