Should Intercompany Accounts Be Revalued?

If you have liabilities or assets like intercompany payables/receivables that you don't expect to settle quickly, the revaluation should hit the equity section of your balance sheet.

What accounts should you revalue?

For example, one accounting convention requires assets and liabilities to be revalued at the current exchange rate, fixed assets at the historical exchange rate, and profit and loss accounts at the monthly average.

Should goodwill be revalued for FX?

According to some opinions, goodwill should not be revalued as it's a historical asset, but the exchange rate is grouped with all other exchange differences. If the same is revalued, it is part of Currency Translation Difference should be reported as other Comprehensive Income.