Technical name: 0FS_VAL_AR

In the financial subledger you can set up different valuation areas in order to value your financial transactions according to different accounting regulations.

You might, for example, apply the German Commercial Code (HGB) in valuation area 001, and use US GAAP in valuation area 002.

The valuation area 001 is the operative valuation area. Also see the documentation for the IMG activity Define Valuation Areas.