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Points of Difference	Transaction Exposure	Translation Exposure
Accounting	Transaction exposure impacts the cash flow movement and arises while conducting purchase and sale transactions in different currencies.	Translation exposure is not a cash flow change and arises as a result of consolidating the results of a foreign subsidiary. Translation exposure is usually driven by legal requirements asking the parent company to consolidate financials.
Need of Foreign Affiliates	For a transaction exposure to arise, the parent company doesn’t necessarily need to have a foreign affiliate or a subsidiary.