Given the advanced stage of this project it is not practical to know revert to a new project set up in the contracted currency. The main thing to ensure at completion off the project is that our net billings, revenue, effort budgets and fees for the project in USD all balance. This may result in less earnings in Australian dollars than was contracted given the fluctuations in the USD – AUD exchange rates.
All effort must be taken to correctly establish the contracted currency when creating a new project. It is the Project Leader’s responsibility to advise this to the PFA but it is also good practice for the PFA to question the PL to confirm this, and other important project attributes.