As a foreign partnership that needs to file U.S. tax returns, there is a lot to consider when it comes to converting financial statements for tax reporting purposes. Untracht Early Tax Manager Maria Scala, CPA discusses the importance of converting financial statements for a trading fund’s tax reporting purposes as the IRS will only accept returns expressed in U.S. dollars.  This video will tell you when a currency conversion needs to be considered, what parts of a financial statement might need to be converted, how a balance sheet should be treated, and what rate is used to convert an income statement.