OFFSET ACCOUNT Definition

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OFFSET ACCOUNT is an account that is setup for elimination of a long or short position by making an opposite transaction.

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SIGNIFICANT RISK is an identified and assessed risk of material misstatement that, in the auditor's judgment, requires special audit consideration.

CURRENCY MEASUREMENT is part of determining the "functional currency" that mainly influences sales prices for goods / services. It will often be the currency in which denominated and settled: a. of country whose competitive forces and regulations mainly determine sales prices for goods / services; b. that mainly influences labor, material and other costs of providing goods / services; or, as stated, c. will often be the currency in which transactions are denominated and settled.

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