70% of Sri Lankan Tamils in Sri Lanka live in the Northern and Eastern provinces. Although Sri Lankan Tamils are culturally and linguistically distinct, genetic studies indicate that they are closely related to Sinhalese ethnic group in the island.
DEFINITION of 'Reporting Currency'. The currency which is used for an entity's financial statements. The reporting currency in financial statements and other financial reports are easiest to understand when they are compiled using only one currency.
3.When translating foreign currency financial statements, the following are similarities between US GAAP and IFRS. a.Both US GAAP and IFRS require remeasurement into the functional currency before translation into the reporting currency. b.Income statement amounts are generally translated at historical cost for the period. c.The remeasurement gain or loss is included in income for the period.