Under FASB ASC 830,Foreign Currency Matters,when the temporal method is used,how are translation adjustments treated in the consolidated financial statements?
A)as gains or losses on the current period consolidated income statement
B)as prior period adjustments to retained earnings of the parent
C)as part of other comprehensive income on the consolidated balance sheet
D)None of the above because the temporal method is not allowed under FASB ASC 830.

Question

Quizplus · Accepted Answer

Under the temporal method, translation adjustments are recognized as gains or losses in the current period's consolidated income statement.

Under FASB ASC 830,Foreign Currency Matters,when the Temporal Method Is