This was one of the trickiest topics for me when I was studying for FAR, but what ultimately helped was to think through the logic of why either translations or remeasurements are handled the way they are. I also focused on learning translations first and then just focused on understanding the few differences involved when doing a remeasurement instead of treating them as two totally different processes (they are quite similar except for what I mention below). I'll focus on the balance sheet since, in my mind, that's where most of the differences between the two are.
For translations (Local to Functional currency), the balance sheet is translated using the exchange rate as of the balance sheet date – in my mind, the logic was that it's simply taking a balance sheet in one currency and translating into another (like directly translating a language – you take what is said in one language and put it in another).
For remeasurements (Functional to Reporting currency), rather than directly translating one language into another, remeasurements go back and make the functional currency statements appear as though they happened in the reporting currency all along. While it's a very similar process, the main difference is simply how monetary vs. non-monetary assets and liabilities are handled. Think of it this way – cash (and other monetary assets/liabilities) are worth whatever the exchange rate is on the balance sheet date. This is why it's measured using the exchange rate as of the balance sheet date. However, non-monetary assets and liabilities (which are typically measured at historical cost) are most accurately remeasured using the historical exchange rate as of the date they were acquired/incurred. The goal is to make the balance sheet reflect what the amounts would have been if the reporting currency had been used all along.
I know this is a super long response, but I hope it helps! I'm not sure what review course you're using, but Roger does a great job explaining this topic.
FAR - 94 (11/26/18)
REG - 91 (12/10/18)
BEC - 94 (2/23/19)
AUD - 98 (3/9/19)
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