EXCHANGE RATE MECHANISM Definition

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EXCHANGE RATE MECHANISM (ERM) is the precursor to the European Union's single currency (Euro) by which participating governments committed themselves to maintain the value of their currencies in relation to the European currency unit (Euro).

Learn new Accounting Terms

IASC is International Accounting Standards Committee.

UNRESOLVED EQUITY is the difference between Total Assets and Total Liabilities on the Balance Sheet. Total Assets is always equal to Total Liabilities plus Equity.

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