Find Business and Personal Property Listing forms and Instructions on this page. The accounting for a foreign currency transaction after initial recognition depends on whether the asset or liability created is considered monetary or.Purchases and sales in foreign currency create transaction risk. And that may apply to more organisations than you would think. This article begins with a review of the global trends in central banks' foreign currency reserve holdings in terms of their size, adequacy and composition. Foreign Currency Conversion. A counterparty is the other party that participates in a financial transaction.