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The African Jihads Jihad, the Muslim word meaning sacred war. During the eighteenth and nineteenth hundreds of years, this word carried dread to any individual who didn't completely have confidence in the Islamic state also, dwelled in West Africa. The Jihads of this period not just changed the confidence of numerous individuals, yet additionally the scene of West African majority rules system. In spite of the fact that Islamic Jihads had happened previously, they never conquered to the extent of those of the eighteenth century. What components and pioneers caused the West African Jihads, of the eighteenth and nineteenth hundreds of years, to be so viable? The individuals of West Africa were burnt out on governments who continually over burdened its constituents, and essentially couldn't have cared less for the prosperity of normal people. The Islamic religion, which was brought to Africa by Muslim merchants, gave people another chance of guarantee, fairness, and the probability of turning into an otherworldly being. Islam grasped most of West African individuals and got known as the predominant religion of the district. During the finish of the eighteenth century adherents of the religion went to the end that it was basically not adequate to have Islam be the predominant religion of the region. They felt that Islam should have been a piece of the legislature, rather than having the detachment of chapel and state. In the eighteenth and nineteenth hundreds of years the Islamic populace of West Africa joined together with the normal conviction that under Sharia(Islamic law) the legislature would not abuse people, and the law of the Koran would turn into the tradition that must be adhered to. "The Sharia furnished an elective model of government with which to think about what's more, go up against rulers." This development, which concentrated on removing the non-Orthodox Muslim pioneers of West Africa, is because of the administration of Usman Dan Fodio and Al-Hajj-Umar. These men made ready for the development of Islam through the making of the Orthodox Sokoto and Tukolor Empires. The ascent of the Islamic Jihad and the extension of the two Empires, are at the start because of the persecution of the Fulbe individuals in the mid 1700''s. The Fulbe were pastoralist migrants who at the time had settled in the district of Futa Jalon, which is available day territory of Guinea. In this locale the Fulbe were persecuted by the decision agnostic ranchers, who thought of them as gatecrashers to the land. These agnostic dictators oppressed the Fulbe individuals to superfluous charges and upheld a few laws to shield them from exchanging. Because of these extraordinary factors, the Fulbe hoped to answer their agonies by going to the religion of Islam, which guaranteed a superior future.

Government response to terrorism Essay Example | Topics and Well Written Essays - 3250 words

Government reaction to psychological warfare - Essay Example There have been various discussions encompassing lawful meaning of fear mongering. Left-wing pundits guarantee that utilization of a nation’s military in smashing an opponent’s political advancement adds up to fear mongering. In this specific circumstance, a decision government which utilizes unpredictable viciousness to demolish an opponent’s progress takes part in fear based oppression. Aside from a decision government, fear based oppression contain brutal exercises utilized by patriots battling a severe system. Actually the late Nelson Mandela was once marked as a psychological oppressor by the white government in South Africa. This implies these contentions sabotage presence of an unmistakable limit between legitimate employments of brutality for political advancement. Fraser and Staniforth (2012) says that from a legitimate point of view, UK law characterizes fear based oppression as any demonstration of viciousness that causes or takes steps to cause aimles s loss of lives, property harm and make a genuine hazard to wellbeing and security of general society. The UK government takes any such type of savagery which looks to impact legislative establishments or people in general as demonstrations of dread. Fear based oppression isn't new in Britain. In the most recent decade, British security powers captured around 1800 individuals in association with dread related cases. The majority of these people captured are British residents included or connected with achieving help jobs in radical exercises. Socioeconomics show that a considerable bit of those captured are radical youth baited by culprits towards a way of rough fanaticism.

Free Essays on The Painted Door

The Painted Door Of the a wide range of state of mind issue, melancholy is the most well-known, and one of the most misjudged. While present day inquire about showed that mind synthetic irregular characteristics cause the condition, numerous individuals despite everything accept that incessant gloom demonstrates a frail character or character imperfection. This makes looking for help troublesome as individuals delay before conceding this shortcoming, anyway mending just beginnings with figuring out how to perceive the side effects. â€Å"The Painted Door’s,† Ann, shows numerous characteristics that lead the peruser to accept such turmoil is available. Ann is so despondent because of her disappointment with her way of life, her dissatisfaction with her better half, and the internal clash she encounters. In the primary occurrence, it’s very evident that Ann isn't happy with her way of life. At the point when John initially chooses to go visit his dad, Ann rushes to clarify how desolate she gets while alone in the house. Despite the fact that remaining at home alone is a standard event for her, it’s not something she’s fundamentally become accustomed to. Ann attempts to disclose this to John yet he doesn’t see, so she at last surrenders; â€Å"Pay no regard for me. Seven years a farmer’s wife†it’s time I was accustomed to remaining at home alone† Additionally, Ann goes to the acknowledgment that they are on a way of ceaseless everyday practice. Every day comprises of work, day in, day out, with nothing to anticipate. Tragically, this isn’t adequate for Ann; â€Å"She was youthful still, energetic for fervor and distractions† Lamentably, these wants of hers are not ones effortlessly satisfied as a farmer’s spouse. Ann is an amiable individual yet doesn’t get out as much as she’d like. The work associated with such a way of life is steady absent a lot of progress. These standards of being a farmer’s spouse are as yet alienated to Ann, and she doesn’t appear to make due with it any longer. The disappointment she holds towards her way of life adds to her unhappine... Free Essays on The Painted Door Free Essays on The Painted Door The Painted Door Of the a wide range of mind-set issue, wretchedness is the most well-known, and one of the most misjudged. While present day look into demonstrated that mind compound irregular characteristics cause the condition, numerous individuals despite everything accept that interminable wretchedness shows a frail character or character defect. This makes looking for help troublesome as individuals waver before conceding this shortcoming, anyway mending just beginnings with figuring out how to perceive the indications. â€Å"The Painted Door’s,† Ann, shows numerous characteristics that lead the peruser to accept such turmoil is available. Ann is so troubled because of her disappointment with her way of life, her dissatisfaction with her significant other, and the internal clash she encounters. In the primary example, it’s very certain that Ann isn't happy with her way of life. At the point when John initially chooses to go visit his dad, Ann rushes to clarify how desolate she gets while alone in the house. Despite the fact that remaining at home alone is a normal event for her, it’s not something she’s essentially become acclimated to. Ann attempts to disclose this to John yet he doesn’t see, so she at last surrenders; â€Å"Pay no thoughtfulness regarding me. Seven years a farmer’s wife†it’s time I was accustomed to remaining at home alone† Additionally, Ann goes to the acknowledgment that they are on a way of ceaseless daily schedule. Every day comprises of work, day in, day out, with nothing to anticipate. Shockingly, this isn’t adequate for Ann; â€Å"She was youthful still, enthusiastic for energy and distractions† Unfortunately, these wants of hers are not ones effectively satisfied as a farmer’s spouse. Ann is an agreeable individual however doesn’t get out as much as she’d like. The work associated with such a way of life is steady absent a lot of progress. These standards of being a farmer’s spouse are as yet alienated to Ann, and she doesn’t appear to make due with it any longer. The disappointment she holds towards her way of life adds to her unhappine...

Understanding Effects Of Ethnicity In Afghan Culture Essay Example for Free

Understanding Effects Of Ethnicity In Afghan Culture Essay Ethnic contrasts predominant in Afghanistan have greatly affected peoples’ individual lives particularly during relational correspondence. As an Afghan resident, having a place with the Pashtan ethnic gathering, brought up in a multicultural society, I needed to ace the specialty of compelling correspondence at an early age. Here in this paper, I will clarify how my life has been affected by ethnic contrasts in Afghanistan particularly during relational correspondence. I will clarify how I speak with my companions from my ethnic gathering, from other ethnic gatherings just as outsiders living in Afghanistan. My fatherly granddad, a Push tan was a senator in Central Afghanistan while my maternal granddad, a Tajik, was the Interior Minister and money serve and my dad was the Mayor of Herat City, in the west of Afghanistan. Afghanistan is arranged in South-western Asia. It outskirts Iran, Pakistan and a few different nations in Central Asia. The â€Å"Islamic State of Afghanistan† is Afghanistan’s official name. Kabul is the capital and the other two significant urban communities in Afghanistan are Herat and Kandahar. Multiple quarters of Afghanistan’s populace possesses provincial zones. The education level in Afghanistan is low and it is among the world’s nations with little economies(Hussain 34-35). My ethnic gathering, Pushtun, is the significant ethnic gathering in Afghanistan representing very nearly an a large portion of the populace (42%). Tajiks represent 27% Hazaras 9% Uzbel 9% Aimak 4% Turkmen 3% while the other ethnic gatherings represent 4% of the populace. Because of the assorted ethnic gatherings, Afghanistan has been embracing different language arrangements in an offer to encourage national solidarity. For example, in 1992, the socialist system fell because of steady battling which emerged because of issues, for example, language arrangement. Etymological contrasts made different groups battle one another. Subsequently, between the year 1992 and 1996, Afghanistan’s national song of devotion was changed from Pashto language to the Dari(Hussain 40-44) The 2003 Draft Constitution in Afghanistan saw the Pashto and Dari dialects become the official dialects during the Draft Constitution’s corrections of Afghanistan’s language arrangement. The constitution made arrangements ensuring all dialects as equivalent. In today’s world, most nations endeavor to safeguard its people’s culture just as the language. Afghanistan has embraced the Assimilation Language Policy, which is planned for cultivating national unit by having a solitary national language. Pashtu is the national language of Afghanistan(Hussain 35-39) In Afghanistan, bilingualism is extremely normal. The vast majority, particularly literates can compose and talk in at any rate two ethnic dialects. As a kid, I procured two ethnic dialects. When I went for my essential instruction, I could talk a couple of Dari words and expressions notwithstanding my first language, Pushtan. At the point when I joined school, I took in the Dari language which is instructed on the grounds that it is the national language. At the point when individuals become equipped in at least two dialects, they will in general utilize the two dialects in relational interchanges. This outcomes in exchanging among codes and blending phrases from two diverse ethnic dialects. Code exchanging is the utilization of words or expressions from two particular dialects or vernaculars in relational correspondence. Code blending involves the utilization of different words or expressions. At the point when members code-blend, they figure out how to relate what is adjusted by the speaker during a discourse action with the proposed importance just as figuring out how to contrast what is spoken and what they know(Wood 67). In Afghanistan, individuals may code switch intentionally or unknowingly. At the point when an individual code switches unwittingly, it is on the grounds that s/he has picked up ability in the two dialects. In this way, one will switch between the dialects and may not aim any informative impact on the audience members, in spite of the fact that the audience members may accomplish an impact contingent upon how the speaker switches or blends phrases. Cognizant exchanging or blending between various dialects involves the speaker’s cognizant exertion. The speaker chooses where to put a specific word or expression with the point of accomplishing a specific correspondence impact (Julia 30). At whatever point I am with my Pushtan companions, we now and again switch between the Pushtan language and the Dari language. Now and again, we do this unknowingly without placing into thought the correspondence impact it should our audience members. Ability in the two dialects empowers us to know where, when and how to blend the codes and switch between the two dialects viably. All things considered, we have spoken and written in these dialects since adolescence. In Afghanistan, individuals switch between dialects for various changed reasons. For example, at whatever point I am with my Pushtan companions and a band of individuals from state Dari whom we may disdain and look downward on joins our band, we will code switch and code blend purposefully. We do this in an offer to cause them to feel undesirable. Infrequently, a few of us will blend some Pashtun words with the Dari language. Infact, an incredible level of the words and expressions utilized in the discourse may establish Pashtun words. Regularly, during most relational correspondences, everybody needs to take an interest and this involves understanding what different members state in order to react viably. Since we retain certain data from them by code exchanging, this makes the Dari speakers avoid the discourse demonstration. Subsequently, some of them may pick to leave the band while the obstinate ones may stay behind. Nothing aggravates like individuals breaking into giggling and you are left considering what entertained them. One can even be made to imagine that he is the subject of joke. In this way we may code switch in order to take out those we don’t need in our band (Jacobson 54) Our gathering may likewise code switch in order to cause different gatherings of individuals to feel increased in value. For example, at whatever point we are with our companions from other ethnic gatherings, a portion of my companions who have aced a couple of expressions and words from the dialects will blend them in with the Dari language. This causes them to feel obliged in our band. They feel that we value their dialects which are esteemed to be second rate just in light of the fact that they are not the official or national dialects in Afghanistan. During relational correspondence, everybody needs to be a piece of the discourse occasion. Thusly, our companions will feel propelled to partake in light of the fact that we recognize their essence. Moreover, at whatever point I am with my Pushtan companions and we experience Dari speakers who are not capable in Pushtan, we decide to utilize the Dari language in an offer to suit them. During a discourse occasion, individuals will in general oblige different speakers. This is critical for viable correspondence. Envision a circumstance where you address somebody in, state, Dari, and he reacts in Pashtun. Will you keep talking in Dari? Obviously not you would prefer to pick to change to Pashtun in the event that you are skilled in it to keep away from correspondence hindrances. Language contrasts in Afghanistan can prompt correspondence obstructions thus individuals have figured out how to oblige others during a discourse occasion by changing to the language utilized by different members (Giles and Coupland 52). During a discourse occasion, we may change our styles now and again. A portion of the reasons which make our band change styles during relational correspondence incorporate the theme being talked about, the members in our band, and the thought processes/aims of our band, etc. So we oblige different members by changing the occasions we switch among dialects and endeavor to limit the quantity of switches relying upon the individual we are addressing. The convenience is applied in our everyday discourse occasions. Actually, a portion of my Dari companions who are not equipped in Pushtan have aced a couple Pushtan words and expressions. At whatever point we are speaking, they may blend a couple of Pashtun phrases with Dari expresses in a sentence. They do this in order to satisfy us. They need us to imagine that they perceive and value our language. Truly, some of them do this mockingly; nothing bothers a Pashtan speaker than to hear a Dari speaker or some other speaker utilize a Pushtan word or expression of which the person doesn't have the scarcest thought of its significance. More terrible still, some of them may even utilize an inappropriate word request. I once lived in Hawaii and educated a couple of Hawaii words. At the point when I visited the United States, I could hear the Americans change to the Hawaii language. A few Americans could even blend otherworldly expressions and words in with English. What disturbed me more than anything else was the way that the Americans were not equipped in the Hawaii language, yet they could set out blend Hawaii otherworldly words and expressions of which they didn't have the foggiest idea about the importance. I think about this as a sort of burglary and a smack on the face to the Hawaii language. Individuals should regard other peoples’ language particularly profound words and expressions. Moreover, Afghan’s may likewise code switch since they feel that they can't communicate well in a specific language. They feel that they do not have certain words or articulations from a given language and that another dialect may have a prepared word or articulation for the message they need to pass on. At whatever point I am talking with my Pashtun companions, who comprehend the Dari language, I won't trouble a lot to think for a word in Pashtun when I have a Dari word or expression for it. The vast majority will some of the time think that its hard to communicate in their native language. To certain individuals, communicating in an official language is a lot simpler since it is the language they utilize more often than not, in this manner, they generally have prepared words and expressions. The vast majority concur that it is anything but difficult to communicate in Dari, the national language basically on the grounds that they use it all the more regularly

Financial Statements How Does Currency Translation Work

Financial Statements How Does Currency Translation Work If your business entity operates in several countries, chances are you also use different currencies as part of your business operations. But when it comes to reporting your company’s finances through financial statement, you aren’t allowed to use more than one currency.In order to have your financial statements recorded in a single currency, you’ll need to perform currency translation. What does currency translation entail and what are the different methods used in the process? This guide will answer both of those questions and give you tips to avoid common mistakes associated with currency translation in your accounting procedure. © Shutterstock.com | file404In particular in this article, you will learn 1) what is currency translation, 2) why currency translation is needed and used, 3) the three steps of currency translation, 4) how the rates are determined, 5) avoiding the common mistakes, and 6) how to mitigate the risks of currency translation.WHAT IS CURRENCY TRANSLATION?Before we look at the definition of currency translation, it is a good idea to define some of the key terms used in the process. Below is a break down of the three key terms: currency, financial statements and exchange rates.What are currencies?Currency is a generally accepted form of money, which includes both coins as well as paper notes. It is issued by a specific government and circulated within the government’s jurisdiction.Currency is used as the medium of exchange when people deal with goods and services. It is essentially the basis for trade.Most countries of the world have their own currency. Some of the most known official cur rencies and their countries include:The US Dollar â€" United StatesThe Chinese Yuan â€" ChinaThe British Pound â€" the United KingdomWhile most countries in the world use their unique currency, there are some instances where different legislations might use the same currency. A number of European countries, such as France and Germany, use the Euro, for example.Nowadays, there are also currencies, which are not tied to any specific country or monetary union. For example, cryptocurrencies such as bitcoin are an example of these currencies.There are also other currency types, such as branded currencies and local currencies. But currency translation mainly deals with the tradable currencies.What are financial statements?A business, individual or other such entity must keep a formal record of their financial activities. This is often for taxation purposes and these records are called financial statements.The most common financial statements for business include:Income statementsBalance s heetStatements of retained earnings and cash flowCurrency translation might show in all of these statements, although it is most essential for balance sheet reporting.What are exchange rates?Exchange rates are used in order to state the price of a specific currency in another currency. It has two separate components: the domestic currency and the foreign currency.Most exchange rates use the US dollar as the base currency, but the Euro is also often used for this purpose.Exchange rates fluctuate almost daily. It is important to understand this, as currency translation might require you to use a specific exchange rate from the past. You can find out different exchange rates through services such as XE.The definition of currency translationIn short, the definition of currency translation refers to the process of quoting the amount of money in one currency in the denomination of another currency. Companies typically need this process as part of their financial record keeping. Currency t ranslation is often used in balance sheets.Companies, which operate in different countries, tend to have to use different currencies as part of their bookkeeping. For example, a company which is headquartered in the US would mainly use the US dollar in its accounting. But it might also receive part of its revenue from sales in the United Kingdom. These sales would naturally use the British pound.But for accounting, the company has to use only one currency and therefore it needs to translate the British pound into US dollar.Currency translation must be recorded on the company’s balance sheet as an equity account. In some instances, such as in the case of large banks, the translation will be recorded as equity capital. The difference between functional and operation currencyMultinational companies can use different currencies for its operations. These are often referred to as the operational currencies.But for accounting purposes, the company also has to have a functional currency, which is the primary type of money the company uses. Most companies tend to use the currency of the nation they are headquartered as the functional currency. But this is not required and some companies choose to use a different currency â€" usually one that is the most relevant for its operations.WHY IS CURRENCY TRANSLATION NEEDED AND USED?As mentioned above, currency translations help a company create financial statements that feature a single currency. In fact, the governing tax authority often requires companies to only use one denominated currency as part of their recording procedure.While currency translation is typically mandatory process, there are certain benefits to currency translation as well. In the modern world, the multinational company is becoming the norm and even small- and medium-sized businesses tend to have cross-border operations. For these companies, currency translation will be essential.Using a single currency as part of financial statements will make these s tatements easier to read and analyze. It is near impossible to draw rational conclusions from a statement, which features more than one currency.THE THREE STEPS OF CURRENCY TRANSLATIONSo how does currency translation work in reality? In its essence, the process can be defined by three separate steps the company needs to take. These are:Determining the functional currency for the businessRe-measuring the financial statements of the business in the functional currencyRecording the gains and losses on the translation of currenciesTo make sense of each step, lets now look at the process in more detail.Step 1: Determining the functional currencyAs discussed above, companies must pick a functional currency and do all of the financial reporting in this single currency.While the functional currency is most often simply the company where the businesses main headquarters are, there are other ways to decide the functional currency. The other alternative often selects the functional currency ba sed on the currency majority of its operations are conducted.For example, while a company might have its headquarters in Brazil, its main business operations might take place in the US. Instead of using the Brazilian real, the business might choose to make the US dollar its functional currency.The above two ways of picking the functional currency are relatively straightforward. Problems might arise if the company operates in equal measure in separate locations outside of its country of residence. The company will just need to decide the most convenient currency under these circumstances.Furthermore, once a company decides its functional currency it shouldn’t make changes to it, at least not regularly. A change in functional currency should only take place in situations of significant change in economic facts and circumstances.Step 2: Re-measuring the financial statements in the functional currencyOnce the business has denominated its functional currency, it needs to ensure its fin ancial statements only use the selected currency. Instead of recording losses in separate headings for sales in separate currencies, the balance sheet shall feature sales only in the functional currency.Each aspect of the financial statement must be translated into the single currency. This involves calculating the total of the following items:The company’s assets and liabilitiesSpecific items in the income statement:Revenue, expenses, gains and lossesBusiness allocations such as depreciation and amortizationCash flowsFurthermore, it is crucial to keep a close eye on the dates in which any of the above transactions occurred. Currency translation often only occurs at the end of the financial year, but the rates you choose to use are determined by the transaction date in some instances.The following section will deal more on how the actual rates are determined in terms of calculating the currency translation. For now, it is important to note you might need to use the exchange rates from the past as well as present. Therefore, proper bank statements and income records are essential to ensure you use the right rates.Step 3: Recording the gains and losses on the currency translationFinally, currency translation often results in translation adjustments. These adjustments must be recorded on the company’s balance sheet as well. They are mentioned in the equity section of the balance sheet.Furthermore, the translation adjustment also requires the company to record the adjustment in the profit or loss statement of comprehensive income.HOW ARE THE RATES DETERMINED?As you are aware, exchange rates are constantly fluctuating. This fluctuation causes certain difficulties for companies, as they need to account for this in their currency translations.Instead of simply checking the current exchange rate when translating currencies, you might sometimes need to use different rates either for a specific period or even for a specific date.Below is a look at the different rate s companies need to use and the parts of the statement that fall under this specific calculation method:The average rate for the period â€"The average rate for a period refers to a calculated average exchange rate for the specific financial period. This is typically the financial year, as it is the basis for most financial statements. The average rate should be calculated by checking each rate during the period and dividing it by the number of these different rates. The average rate for the period is used for translation currencies for income statement accounts.The ending rate for the period â€" The ending rate for the period is the exchange rate at the end of the financial period. For example, if the financial year ends on December 31, the currency translation would use the exchange rate of this date. Liability and asset accounts use the ending rate for the period for currency translation. Nonetheless, fixed assets are not translated with the ending rate.The original historical rat e at the point of acquiring â€" The original historical rate at the point of acquiring simply uses the exchange rate of the date when the entry was created for the income statements. For example, if the qualifying transaction happened on July 7, even if the financial year ends on December 31, the exchange rate used should be from July 7. Fixed assets are always translated with the historical rate. It must be noted they also won’t be re-translated later on.Finally, you should keep in mind that equity accounts are generally never re-valued.The above rate calculations and methods are largely universal. But different companies might have slight differences as to which transactions should be recorded with which rate. It is a good idea to check with the responsible jurisdiction prior to currency translation to ensure you use the correct rates.AVOIDING THE COMMON MISTAKES IN CURRENCY TRANSLATIONAlthough the guidelines for currency translation have not evolved much in recent years, there are certain mistakes companies continue to make. These mistakes can naturally lead to misstatements in financial reporting and cause damage to the company’s bottom line. Overall, this leads to false statements and thus business results can be different from the real picture.In order to avoid regulatory scrutiny and to ensure your statements are correct, it is a good idea to look at these common mistakes. This way you can learn from them and ensure to avoid falling foul of them with your currency translation.Hiding gains and losses in comprehensive income instead of recognising in net incomeThe first mistake often involves companies misclassifying a foreign currency loss or gain in other comprehensive income instead of net income. This might not sound like a big issue, but it results in incorrect net income and hides the gain or loss in the account, resulting in missed changes in the equity part of the statement.This mistake is most persistent with companies that have an intercompa ny account and this account it recorded on the books of other units with different functional currencies.It is important to keep an eye on your company’s intercompany balance, especially if you have parties which record their specific balance in different currencies.Furthermore, recording the gains or losses in other comprehensive income is not always wrong. In situations where these gains and losses are essentially permanent, the gains and losses will be recorded on other comprehensive income instead of net income.Preparing the consolidated statement of cash flows based on amounts in the consolidated balance sheetWhile the cash flow transactions can be translated by using the average rate for the period, many experts think the statement should use the historical rates for each transaction. The problem arises because accountants often support the indirect method. While this indirect approach can work with smaller companies, it can be dangerous with larger companies with multiple e ntities.The indirect method used the historical average to calculate the cash flow. As mentioned above, you’ll use the average exchange rate for the period for translating the cash flow.But in many instances, this can lead to large-scale errors, as exchange rates can fluctuate quite a bit. Therefore, it is better to avoid using historical averages and instead use the historical rate for the specific transaction across all cash flow calculations.Not recognizing the need to modify accounting for translations in inflationary environmentsCompanies can sometimes end up operating in highly inflationary economies and this adds additional pressure to currency translation. But in many countries, such as the US, the general accounting rules require companies operating in a highly inflationary environment to re-measure as if the functional currency was the reporting currency of the business. This results in translation adjustments and changes slightly how the earnings are reported.A recent e xample of this was the Venezuelan economy, which received a highly inflationary status in 2009. Companies operating in the country would have had to change their reporting method in terms of currency translation, although some initially forgot to do so.HOW TO MITIGATE THE RISKS OF CURRENCY TRANSLATIONIt is possible to mitigate the risk of currency translation through three simple practices. By using the following three methods, you can reduce accounting risks and improve the accuracy of your financial statements.Implement proper accounting policiesFirst, it is essential to create clear accounting policies. This might sound obvious, but for companies operating in several different jurisdictions, this advice is essential. You need to have clear guidelines across the different entities to ensure the accounting practices used are universal across your company.It is especially important to create a proper set of currency translation guidelines. These can guarantee companies to prepare an d adjust to this at the initial phase to make currency translation later much more straightforward.Scrutinize your accountingYou should also check your current accounting procedures and make sure each unit complies with the main accounting procedure of your reporting country. You need to be able to check each individual accounting procedure and backtrack on the information provided with ease.Have appropriate internal controls to detect mistakesAccounting mistakes can happen, but the crucial thing is to limit them as much as possible. You want to create an internal system that acknowledges mistakes, instead of having a tax authority accuse you of reporting errors.The key is to ensure the internal controls focus tightly on the accounts in terms of net income and the currency translation account. This can guarantee your currency translation is a successful one.