On 6 June 2017, the U.S. IRS published an international practice unit: Functional Currency Determination. The practice unit presents the legal guidance and facts that must be considered in the determination of functional currency for both book and tax purposes where the books and records of a business enterprise are recorded in multiple currencies and locations. This includes the determination of functional currency for book purposes under US GAAP and IFRS provisions, and the determination of functional currency for tax purposes under the rules defined in IRC 985 (Functional Currency General Rules) and related Treasury Regulations. International practice units are...