Foreign currency translation and its Impact on consolidated financial statements in the light of the massive currency devaluation in Egypt November 2016

The main objectives of the research to examine the impact of the decision of currency devaluation in Egypt in November 2016 on consolidated financial statements of the companies operate in Egypt. To achieve the objectives of this study the quantitative research method is adopted depending mainly on secondary data. The theoretical part of the thesis is based on many papers and articles collected from websites. On the other hand, the practical and case studies part data are mainly from official data archives from consolidated financial statements for leading companies which operate in Egypt in food Industries, telecommunications, and industrial manufacturing fields in order to measure the effect of the decision of floating on their consolidated financial statements. It was discovered from the research exist a direct impact on consolidated financial statements after the massive currency devaluation in Egypt, since the decision to float the local currency companies that announce the results of their business are still facing successive losses, which is directly linked to the liberalization of the exchange market and currency differences.