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One of the aspects accounting affected by the inter na ionalization of the companies was the need to standardizing the currency. In other words, the financial statements of foreign subsidiary should be in the same currency used by t he parent. For this it is necessary to make the Translation of Financial Statements. In Brazil this issue is regulated by Technical Pronouncement 02 emitted by the Accounting Pronounc ements Committee. The adoption of this rule has an effect on the account balances of the Balance Sheet and Income Statement, affecting the situation of Equity. The aim is to an alyze the effects of the Translation Financial Statements of a Brazilian transport company which h as branch office in Uruguay, according to Technical Pronouncement 02. The research is qual itative and exploratory, and the research strategy is the case study. The results show that t he Proprietary and Entity Theories is implicit in the Translation of Financial Statements process; the variation of the exchange rate of the Assets and Liabilities affects the value of the Equ ity of the subsidiary, then the wealth of the entity; as well as exchange rates affects the incom e accounts, so the net income of the subsidiary and parent company Financial Statements. The main findings are: the Translation of Financial Statements allows to analyze net incom e and the net foreign exchange; allows comparative analysis of foreign investments and dom estic investments; better understanding of equity theories. Key-words: Translation of Financial Statements; Foreign Curren cy; Exchange Rate; Equity Theory.

Translation of Financial Statements of a Uruguayan Branch Office: analysis through the lens of Equity Theory