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You must express the amounts you report on your U.S. tax return in U.S. dollars. Therefore, you must translate foreign currency into U.S. dollars if you receive income or pay expenses in a foreign currency. In general, use the exchange rate prevailing (i.e., the spot rate) when you receive, pay or accrue the item.

When you arrive, you must tell a border official if you are carrying more than C$10,000 (per family if travelling as a family). If you bring more than C$10,000 (or the equivalent in another currency) per family or as single traveller into Canada, you must declare the amount when you arrive.

A black market arises when exchanges for foreign currency take place at an unofficial (or illegal) exchange rate. If a central bank does not intervene regularly in the Forex market, a black market will very likely arise and the central bank will lose control of the exchange rate.

These transactions are reported on Currency Transaction Reports (CTRs). The federal law requiring these reports was passed to safeguard the financial industry from threats posed by money laundering and other financial crime.

Reporting currency is the currency in which an entity's financial statements or other financial documents are reported. Choosing one currency for reporting makes it easier to understand the financial documents across the board.

Currency exchange works by letting you convert one currency, like dollars, to another, like euros. You give a currency exchange an amount in one currency, and they give you back an amount of a different currency with a similar purchasing power, subtracting out any fees or other charges.

For US dollars, the symbol '$' is sufficient abbreviation, unless there is a mixture of dollar currencies in the text. For other dollar currencies, '$' should be prefixed with the country abbreviation. For all other currencies, write the figure first followed by the currency name, for example, '100 million yuan'.