Under FAS 52, the effect of an exchange rate change is reported in a statement of comprehensive income when the temporal method is used.

Name: Under FAS 52, the effect of an exchange rate change is reported in a statement of comprehensive income when the temporal method is used.
Brand: Quizplus
Rating: 4.9 (36 reviews)

Question

Quizplus · Accepted Answer

Under FAS 52 (ASC 830, Foreign Currency Matters), the effect of an exchange rate change on monetary items when using the temporal method is reported in net income, not in the statement of comprehensive income.

Under FAS 52, the Effect of an Exchange Rate Change