Types of Foreign Exchange Transactions Definition: The Foreign Exchange Transactions refers to the sale and purchase of foreign currencies. Simply, the foreign exchange transaction is an agreement of exchange of currencies of one country for another at an agreed exchange rate on a definite date. Foreign Currency Matters Under ASC 830 - EisnerAmper ASC 830 addresses foreign currency matters. ASC 830 (aka FAS 52) provides the accounting and reporting requirements for foreign currency transactions and the translation of financial statements from a foreign currency to the reporting currency. ASC 830 establishes these steps.