The remeasured financial statements of a foreign entity need never be translated.

Question

Quizplus · Accepted Answer

Remeasured financial statements of a foreign entity often need to be translated into the reporting currency of the parent company for consolidation purposes. Remeasurement is the process of converting financial statements from the functional currency to the presentation currency, and translation is required when the presentation currency differs from the reporting currency of the parent company.

The Remeasured Financial Statements of a Foreign Entity Need Never