Which of the following procedures would be necessary when a Swiss subsidiary maintains its books in euros and its functional currency is Japanese Yen and its parent is a U.S. company?
A)Remeasurement from euros to U.S. Dollars
B)Remeasurement from euros to Japanese Yen; translate from Yen to U.S. Dollars
C)Remeasurement from Yen to euros; translate from euros to U.S. Dollars
D)none of the above

Question

Quizplus · Accepted Answer

When a subsidiary maintains its books in a currency that is not its functional currency nor its parent's reporting currency, the financial statements must first be remeasured into its functional currency, then translated into the parent's reporting currency.

Which of the Following Procedures Would Be Necessary When a Swiss